Within the last changes to the Traffic Act, the work of private management companies of the of Mandatory Traffic Accident Insurance (SOAT for its Spanish acronym) is eliminated, the same that announced their willingness to an orderly transition.
“The insurance industry is very proud to have participated, of participating of the SOAT system, we think we have fulfilled our obligations,” said Patricio Salas, Corposoat Manager.
The new legislation establishes the creation of a Public System for Payment of Traffic Accidents; however, it remains unclear which entity will manage it.
When the law takes effect, vehicle owners will have to pay an additional fee for this service in the car registration.
This law is currently in the hands of the President of the Republic, who could veto it or order its publication in the Official Register.