Insurance Authority intends to prepare new motor vehicle policy

: 2/27/2012
H.E Fatima Mohammed Ishaq Al Awadi said, “The technical committee commissioned to prepare fully new one that mainly take heed of protecting the rights motor policyholders and suits the economic and demographic changes witnessed by the insurance sector for the last four years.” She added, “The committee is following up procedures and requests of preparing a new mechanism to price policies and it present is studying all available options related to the pricing mechanism and text of the policy in a manner that secure the insurance sector and its development.

She assured to Emaratalyoum newspaper, “The Insurance Authority understanding requests of the insurance companies in respect of amending measures of pricing liability policies of motor insurance especially the prevailing measures sanctioned in 1996”, drawing the attention to the committee is seeking to prepare a policy that heeds mainly to protection of the rights of the policyholders.”

Al Awadi indicated, “The new project of the motor insurance policies laid down new governing measures for the process of pricing the two types of motor policies (loss and damage and civil liability [known as comprehensive or third party insurance].”

She said, The Insurance Authority will file results of its studies and final draft on motor insurance policies to the Insurance Authority’s board of directors in order to sanction them and put them into effect as soon as possible.”

Emaratalyoum published yesterday a report calling Emirates Insurance Association to haste in amending the certified motor insurance policy at a time the managers and officials of the insurance companies assured the importance of issuing the policy and to be in line with the development in UAE motor insurance market.

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