Contract on compulsory insurance, conditions for and content were regulated by the provisions of Law on Compulsory Traffic Insurance (“Off. Herald of RS”, Nos. 51/2009, 78/2011, 101/2011, 93/2012 i 7/2013 – Constitutional Court decision).
The owners of means of transport, used for public transport, and the owners of other means of transport shall be required to sign a contract on compulsory insurance before the means of transport is used for transport and for the following types of compulsory traffic insurance:
- Accident insurance of passengers in public transport
- Third party liability insurance for owners of motor vehicles
- Aircraft passenger and third-party liability insurance for aircraft owners
- Third party boat insurance for boat owners.
In case bankruptcy proceedings are initiated against the insurance company, the concluded compulsory insurance contract shall remain valid until its expiration date.
Effects of the contract on compulsory insurance
An insurance company shall enter into a contract on compulsory insurance at policy conditions and scales of premiums applicable at the time such insurance contract is made. Continue reading Contract on compulsory insurance