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UNMIK/PR/609 New Conditions for Car Insurance Companies PRISTINA - UNMIK has renewed licenses to sell motor vehicle insurance to the following companies: INSIG, Siguria, Kosova and Dardania-however on a temporary basis. It has also established new conditions for insurance companies. The authorizations to operate in Kosovo for INSIG, Siguria, Kosova and Dardania insurance companies were temporarily and conditionally extended for a period of three months at a meeting on 29 June. During this time, all insurance companies must fulfil a number of strict financial requirements in order to ensure the viability of the Kosovo insurance market and guarantee the payment of claims to all policyholders. As of 1 July 2001, coverage for third party liability insurance has been substantially increased to provide additional protection for policyholders. The new minimum compulsory insurance sums are: bodily damage: from DM 100,000 to DM 300,000; material damage: from DEM 50,000--DM 200,000. UNMIK reminds policyholders that insurance companies are not entitled to provide discounts or bonuses of above 10 percent of the premium. This measure has been taken to ensure that insurance companies have the means to pay higher indemnity to the claimant in case of damages. Insurance agents and brokers are also reminded that insurance companies are not entitled to pay commissions of above 15 percent of the premium. Insurance companies are responsible for the activity of their agents and brokers and will be; held responsible for any non-compliance with this rule. As of 1 June, 2001, Adriatic Insurance Group/AIG has ceased selling insurance coverage in Kosovo. However, AIG will honor all claims of Kosovo policyholders until the expiration of the last policy sold on 30 May 2001. An office representing AIG has opened in Pristina to handle any such claims. Contact the Kryeziu Law Office, Dardania Block 1, 038 549-603. FAX: 038 518 174.
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