Insurance Contract Law Comes into Effect

As published in the Official Gazette, Law No. 8956 Regulating the Insurance Contract is applicable on policies taken out from today.

Tuesday, September 13, 2011

Among the new features of the new, approved by the Legislative Assembly on 2 June, are the updates of what is considered insurable interest, the minimum amount of fees, definition and general aspects of the premiums.

"With this new legislation, a classification of insurance type (damage, fire, transportation, liability, etc.) has been established and conditions defined for life insurance" writes Sergio Morales writes in his article in Elfinancierocr.com

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