Ecuador's President Rafael Correa has given the final go-ahead to the country's mandatory auto insurance (SOAT) law, local press reported.
The SOAT law was approved by former President Alfredo Palacio in December 2006 and has been modified several times this year.
The new law will come into effect from January 2, 2008, according to newspapers.
According to government estimates, around 13mn Ecuadorians will benefit from SOAT in a country with some 1mn vehicles.
SOAT policies will range from US$29 for a motorcycle to US$171 for the biggest vehicle, according to the papers.