SLK PRL Motor Vehicle Insurance

On Jun. 18, SLK PRL announced law on vehicle insurance is adopted.

  • SLK PRL announced the SLK GVT draft law 220 on mandatory contractual liability insurance for damage by motor vehicles and amendment of certain laws is adopted.
  • Documents published include the explanatory memorandum and the approved text.
  • Overview
  • Bill 220 was submitted to SLK PRL in Mar. 2024 by the Ministry of Finance; the former proposed 2 committees to deal with it and set deadlines of Jun. 7 and Jun. 10, 2024.
  • After 3 readings it was adopted following discussion at 15th plenary meeting Jun. 18.
  • Main Points
  • Law amends act no. 381/2001 Coll. on compulsory contractual liability insurance.
  • Aim is the transposition of Dir 2021/2118 of the EP and of EU CNCL of Nov. 24, 2021.
  • Which amends Dir 2009/103 on liability insurance for damage caused by the operation of motor vehicles and on monitoring fulfilment of the obligation to insure such liability.
  • Four areas identified in which targeted changes would be appropriate, namely in the compensation of victims of accidents in the event that the insurance company concerned is insolvent, in the minimum mandatory amounts of insurance coverage.
  • As well as in the control of vehicle insurance by member states and in the use of confirmations of past claims to compensate insured by the new insurance company.
  • Effectiveness
  • Enters into force Aug. 1, 2024 apart from art. II which enters into force Dec. 1, 2024.

Regulators SLK PRL
Entity Types CNSM; Ins
Reference Bill 220, PR, 6/18/2024; Act 381/2001 coll; Dir 2021/2118
Functions Accounting; Compliance; Financial; Legal; Operations; Reporting; Risk
Countries Slovakia
Products Insurance; Insurance-Casualty; Insurance-Property
Regions EMEA
Rule Type Final
Rule Date 6/18/2024
Effective Date 8/1/2024
Rule Id 216350
Linked to N/A
Reg. Last Update 6/18/2024
Report Section EU

Last substantive update on 06/21/2024