Regulator authorizes 7 insurers to sell mandatory auto insurance

The Bolivian pension and insurance regulator SPVS has authorized seven insurance companies to offer the obligatory auto accident insurance or Soat, local press reported. The insurance companies chosen were found by the SPVS to possess the necessary technical and financial resources to cover projected auto claims. The companies chosen by the regulator are Adríática Seguro y Reaseguros, Alianza Compañía de Seguros y Reaseguros, Bisa Seguros y Reaseguros, La Boliviana Ciacruz de Seguros y Reaseguros, Credinform Internacional, Compañía de Seguros y Reaseguros Fortaleza and Seguros Illimani. The companies were given free hands to set their own prices for the policy, as long as the coverage complies with certain guidelines established by the regulator. Approximately 77% of car owners were covered by the Soat through September this year, according to statistics from the regulatory agency.