GEORGIA: Compulsory liability insurance of foreign vehicles to be soon introduced

Insurance Supervisory Office of Georgia is currently preparing a draft of law regarding the introduction of the compulsory liability insurance for foreign vehicles (note: vehicles registered abroad), and, later on, of the MTPL insurance for cars registered in Georgia.

Business Georgia quoted the head of Insurance Supervisory Office of Georgia, Kote SULAMANIDZE: "Such norms are valid for the most countries in the world, and this is the most civilized method for solving disputes arising from road accidents."

The official presented a few figures: in 2016, the territory of Georgia was crossed by about 1.8 million cars. Considering that only the number of border crossings was counted - not the number of cars -, the data is not completely accurate.

The bill of compulsory insurance of foreign vehicles provides for the possibility of concluding an insurance policy for the following periods: 15, 30, 90 and 365 days. On the same note, the tariff for insurance policy with a validity of 15 days will be of GEL 30, with indemnity limits of GEL 300,000 for damage to the life and health of the injured persons and GEL 50,000 for property damage.

With regard to the optimization of the sales process of insurance policies for foreign cars, the representative of the supervisory agency stated that it the possibility was analyzed of creating - by the joint effort of insurers -, a special organization that would manage the whole process and would have authority from all insurance companies.

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