The MPs accepted the final version of the Insurance Code, thus preparing the country for a liberalized insurance market. In order for the procedure to be finalized the Financial Supervision Commission has to introduce a change to its decree 18 that regulated the minimum threshold.

The insurance should cover a period of one year for all automobiles, with the exception of vehicles with temporary or transit registration, where the insurance should only be for 30 days.

The Insurance Code also reads that although valid for a year, the policy could be paid in installments. Should a buyer fail to pay a due installment, the insurer would be allowed to break the contract.

A driver who fails to purchase the Third party liability insurance could be charged with up to EUR 250. At a second violation, the penalty rises up to EUR 1,000, the parliament decided.

Any insurer who denied a client to conclude a contract for the mandatory insurance would be penalized with property sanctions up to EUR 10,000. EUR 100,000 would be the punishment for insurers who conclude contracts without having a license.

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