Whether policy price for mandatory auto insurance will go up to be decided on Monday

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The Automobile Liability Insurance Commission on Monday should review the Report from the National Insurance Bureau on the justification and correctness of the decisions made to increase the price of the mandatory auto insurance policy by the insurance companies and take appropriate steps in the direction of protection of end consumers.

The Automobile Liability Commission, which was appointed by the Government in accordance with the Law on Compulsory Traffic Insurance, is made up of members from the Ministry of Finance (MOF), the National Insurance Bureau (NBO) and the Insurance Supervision Agency (ASO). It is responsible for determining the Tariff of premiums for the insurance of motor vehicle owners against liability for damages caused to third parties. The commission determines the insurance premium, which is paid by the insurance contractor-the insured, and which consists of a technical premium, which is determined by the Government on the proposal of the Commission, and a part of the premium for performing the insurance activity (overhead costs), which is determined by the insurance companies independently by a special decision of the Insurance Company.

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