site.btaParliament’s Economic Policy Committee Clears Insurance Code Overhaul at Second Reading

The Parliamentary Committee on Economic Policy and Innovation adopted at second reading a bill amending and supplementing the Insurance Code on Wednesday. Approximately half of the proposed bill's paragraphs were not approved.

Aleksandar Ivanov, deputy chair of the Committee on Economic Policy and Innovation who chaired the meeting, said the adoption of the bill is crucial, as Bulgaria risks facing serious sanctions if national legislation is not brought in line with European requirements.

The draft bill, submitted by the Council of Ministers, stipulates changes to national legislation arising from the introduction of the requirements of Directive 2021/2118 of the European Parliament and of the Council of November 24, 2021, amending Directive 2009/103/EC relating to insurance against civil liability regarding the use of motor vehicles and the enforcement of the obligation to insure against such liability.