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Article (9) Cancellation of a Compulsory Motor Vehicle Insurance Contract

IA-BOD-RES 2/2009 Effective from 31/1/2010
  1. Neither the company nor the insured has the right to cancel a compulsory motor vehicle insurance contract during validity of the contract as long as his licenses remained valid unless replaced by other insurance contract.
     

  2. A compulsory motor vehicle insurance contract shall be deemed cancelled pursuant to the Law should the motor vehicle happened to be total loss and its registration been cancelled by the pertinent licensing authority.

    In this case, the insured shall have the right to be reimbursed by the company a sum of the premium prorate for the remaining period of the insurance contract unless the insured had caused an accident that created total loss and that without prejudices to the established rights of the others prior to cancelation of the insurance contract.