Insurance companies will be obliged to process the application and to pay insurance within a month of the submission of the application if the damage file is complete and within three months if the file is incomplete. The deadline was set by a bill on mandatory civil liability insurance for damage caused by motor vehicles that was given a first reading by Parliament, IPN reports.

According to the National Commission for Financial Markets, to avoid manipulations referring to the size of damage and costs related to the repair of motor vetches, the new law obliges insurers to use automated car assessment information systems. These are based on prices from the catalogues of spare part and component producers.

The document increases the liability limits covered by the civil liability insurances: from 1 million lei to €100,000 if the vehicle is damaged or destroyed, at €100,000 per each inured party or €500,000 regardless of the number of injured parties in case of accidents with victims. The damage is paid according to the exchange rate of the Moldovan leu communicated by the National Bank of Moldova for the date of the accident.

The law will take effect in 12 months of its publication in the Official Gazette.