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The Insurance and Private Pensions Regulatory Agency (SEDDK) has issued a notification announcing an increase in premium rates for compulsory road motor vehicle liability insurance (compulsory traffic insurance).
The notice stipulates: “Article 1 – In accordance with the second paragraph of the interim Article 11 of the “Regulations on the Applicable Principles of Compulsory Insurance Premiums for Highway Motor Vehicles Financial Liability” published in the Government Gazette No. 26582 on July 14, 2007, the maximum limit applicable according to vehicle group and type of use will be increased in May 2024. “In June 2024, the premium will increase by 3.25%.”
SEDDK launched the Damage Cost Index application on May 1.
The increase in compulsory motor vehicle insurance premiums is calculated based on indicators such as the monthly minimum wage, spare parts, maintenance and repair, and changes in motor vehicle prices.
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