The purpose of the circular published by the Private Pension Regulation and Supervision Authority (IPRSA) is to establish the procedures and principles for short-term mandatory liability insurance contracts for motor vehicles traded by businesses holding a second-hand motor vehicle trade authorization. These contracts will be valid for a period of sixty days but can be extended upon request. The circular also outlines specifics regarding the conditions under which contracts can be established and renewed.
This regulation will take effect on February 1, 2025, and will be overseen by the President of the IPRSA. A transitional article clarifies that contracts made prior to the effective date will not be subject to the provisions of this circular.
