As from this month, renewing license for goods transportation vehicles is required to have insurance policy document and only vehicles which can show it will be allowed to proceed with renewing license, according to Yangon Region Public Transport Committee.
It takes effect from 1 January 2024 and YRTC will carry out verification on documents that prove the completion of comprehensive insurance as well as insurance policy document and then issue approval to renew business license at Business License Office under the Department of Transport Planning, said YRTC joint secretary U Lyan Cin Mang.
The requirement of comprehensive insurance is aimed at protecting and ensuring compensation for third parties – pedestrians, other vehicles, roadside shops, residences, platforms, traffic islands and lampposts which get damaged in road accidents arose from goods transportation vehicles, he said.
By properly making records of insurance company and term of insurance, this enforcement aims to help each vehicle registered at YRTC when it is necessary.
MT/ZS
