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New Beijing traffic regulation approved Beijing approved a new traffic regulation Friday that requires all motor vehicles in the capital to have third party insurance. According to the current insurance regulations, insured vehicles will be given indemnity from insurance companies only when their drivers are responsible for accidents. The new regulation, however, adds a "no-fault" or third party element which means that insurance companies should pay compensation within the range of compulsory third-party insurance when accidents involving vehicles occurred, resulting in casualty and financial losses. It also stipulates that other compensation will be paid by affected parties according to responsibility for accidents involving pedestrians or non-motorized vehicles. In such instances, insurance companies will cover part of the damages while the remainder will be made up by those held responsible for the accident. The regulation will be put into practice on January 1st, 2005. |
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