4 May 2014
Tourist buses and commercial vehicle operators
crossing over the Cambodia-Vietnam border will soon be required by law to have
insurance in both countries or risk being denied entry, a bilateral agreement
signed on Tuesday states. In an effort to meet requirements stipulated in the
ASEAN 2015 integration plan, insurance industry representatives from Cambodia
and Vietnam signed a MoU to ensure that all commercial vehicles crossing the
countries’ shared border were insured.
The MoU was signed by the Cambodia Insurance
Association (CIA) and Vietnam’s largest insurance provider and industry
representative, Bao Viet Insurance Corporation (BIC), at the Ministry of
Economy and Finance. Until now, commercial vehicles such as trucks and tourist
busses crossing the border have not been legally required to have insurance in
both nations.
The agreement, which is set to be implemented
within three months of its signing, is in line with the obligations and
requirements stipulated in Protocol 5 of the Association of Southeast Asian
Nation’s Scheme of Compulsory Motor Vehicle Insurance.
Commercial trucks and tourist busses will be
required to be insured with both passenger liability and third-party liability
cover within the next three months. Failure to meet the insurance requirements
will result in the vehicle being refused border crossing. The insurance
requirements will be extended to smaller passenger vehicles in the near future,
he added.
Some 500 commercial trucks and tourist busses
cross the Cambodia-Vietnam border every day, according to documents included in
the MoU.
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