As we announced yesterday, according to information from the Financial Supervision Commission, all insurances, including Civil Liability of Motorists in ZK Olympic, will be automatically terminated on August 17, 2018, due to the appointment of a preliminary liquidator by the Insurance Supervision Authority of the Republic of Cyprus. In this regard, it is necessary for the clients to conclude a new Civil Liability Insurance in another insurance company with validity from 00:00 on August 18, 2018
In this regard, the head of the Traffic Control Department at the General Directorate of the National Police announced today that in the first few days after the insurance of Olympic is terminated, drivers will not be sanctioned, but only warned that to take out a new motor third party liability insurance.
It is not yet specified how many days this grace period will be.
The important thing drivers need to know:
Although they will not be fined by the Traffic Police for the first few days if Olympic's Civil Liability drivers suffer an accident, they will not be covered by the policy and will have to pay for the damage themselves.