Modifies The Article 37 Of The Law N ° 1883 Of 25 June 1998, Insurance.

Original Language Title: Modifica el Artículo 37 de la Ley N° 1883 de 25 de junio de 1998, de Seguros.

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law 737

LAW OF SEPTEMBER 21, 2015

EVO MORALES AYMA

CONSTITUTIONAL PRESIDENT OF THE PLURINATIONAL STATE OF BOLIVIA

For the Plurinational Legislative Assembly, it has Sanctioned the following Act:

THE PLURINATIONAL LEGISLATIVE ASSEMBLY,

DECRETA:

Single Article. Article 37 of Law No. 1883 of June 25, 1998, of Insurance, is amended with the following

text:

? Article 37. (ESTABLISHMENT OF COMPULSORY TRANSIT ACCIDENT INSURANCE-SOAT). It is established as mandatory that any owner of a motor vehicle in the territory of the Plurinational State of Bolivia, whatever its type, has the Mandatory Insurance of Traffic Accidents-SOAT. Such insurance will be undisputable, irreversible and its action will be direct against the insurance entity.

The Mandatory Transit Accident Insurance-SOAT aims to provide coverage of

medical expenses by accidents and compensation for death or permanent total incapacity to any individual who suffers an accident caused by a motor vehicle in the territory of the Plurinational State of Bolivia.

The insured capital for medical expenses, will be up to the sum Bs.24,000.-(Twenty-four thousand 00/100

Bolivianos) per person affected by each event, with no limit of people covered. In addition, the insured capital for the eventualities of death and/or permanent total incapacity, will be Bs.22,000.-(Twenty-two Thousand 00/100 Bolivianos) per person affected by event and without limit of persons covered by it. These amounts will be reviewed at least once every three (3) years by the Executive Body of the central level of the State, which may be modified by the Supreme Decree.

The qualification of the degree of invalidity, must be

The Compulsory Insurance of Traffic Accidents-SOAT, will be marketed by insurance companies that manage General Insurance and Insurance of Persons, legally established in the country and authorized by express authorization of the Pension and Insurance Control and Control Authority-APS.

The Mandatory Transit Accident Insurance-SOAT, may be contracted or marketed to

distance through electronic means and teleinformatics, using digital documents and signatures, which, have legal and probative validity, and produce all the effects provided for by the legal system, must comply with the requirements laid down in Law No 164 of 8 August 2011, General Law on Telecommunications, Information Technology and Communication.?

FINAL PROVISIONS

FIRST. General Insurance and Person Insurance, may be contracted or marketed to

distance through electronic means, using documents and signatures digital, which, in order for them to have legal and probative validity, and to produce all the effects provided by the legal system, must comply with the requirements laid down in Law No 164of 8 August 2011, General Law of Telecommunications, Information and Communication Technologies.

SECOND. In all the text of Law No 1883 of 25 June 1998, of Insurance, is the name replaced?Republic of Bolivia? or?Republic?, by?Plurinational State of Bolivia?.

ABROGATORY AND REPEAL PROVISION

ONLY. All provisions contrary to this Law shall be abrogated and repealed.

Remit to the Executive Body for constitutional purposes.

It is given in the Session Room of the Plurinational Legislative Assembly, at the seventeen days of the month of

September of the year two thousand fifteen.

Fdo. Jose Alberto Gonzales Samaniego, Victor Ezequiel Borda Belzu, Ruben Medinaceli Ortiz, Maria Argene

Simoni Cuellar, Nelly Lenz Roso, Erik Moron Osinaga.

Therefore, I enact it so that it has and complies with the law of the State. Plurinational of Bolivia.

Palace of Government of the city of La Paz, at the twenty-one day of the month of September of the year two thousand fifteen.

FDO. EVO MORALES AYMA, Juan Ramón Quintana Taborga, Carlos Gustavo Romero Bonifaz, Luis Alberto Arce Catacora, Milton Claros Hinojosa, Ariana Campero Nava, Marianela Paco Duran.