site.btaTechnical Problem in Guarantee Fund Disrupts Insurance Services

A technical problem in the Guarantee Fund (GF)'s electronic system has disrupted operations for insurance companies across the country, BTA found on Tuesday. The glitch interrupted the issuance of mandatory motor third party liability insurance policies for drivers, leaving insurers unable to access the platform for several days.

GF announced a temporary shutdown of its electronic system from 08:00 on 29 June to 08:00 on 30 June 2024 due to maintenance. The system has since faced technical difficulties due to a surge in motorists' liability insurance applications and prolonged processing times.

"The system has been down since Saturday. We were informed of the planned maintenance. However, the system also failed on Monday. It is now July 2, and we still cannot connect to the platform. We have had no updates, and we are experiencing problems – we cannot issue policies, post accounts, or create annexes," Petko Atanasov, an Automobile Insurance Expert at Bulstrad, told BTA.

Later in the afternoon on Tuesday, GF published an update on its website. GF said that ongoing efforts to resolve technical issues in the electronic system continue, and normal operations are expected to resume shortly.

Insurers also reported that the system's repeated collapses over the years have caused significant tension among car owners, who are consistently unable to drive because of the glitches.