Lebanon – Material damage TPL compulsory insurance in process
Tuesday, 06 23 2015, Category: Insurance and Reinsurance, Country: Lebanon
The National Bureau for the Compulsory Insurance is actively finalizing the preparations for the material damage compulsory insurance required in Lebanon in line with the new traffic law that was implemented one month ago, in collaboration with the Lebanese Insurance Association (ACAL) and its motor committee.
Given that the insurance sector is currently investigating the new traffic law, Mr. Fateh Bekdache the recently re-elected head of the National Bureau for the Compulsory Insurance said on this issue “if this law will have an impact on the insurance sector, it will be positive God willing, especially as we all note changes in the behavior of citizens, and the situation seems controlled despite the differences in ratios. So the Bureau is not looking forward toward the insurance implications of the new traffic law which is the material damage compulsory insurance in addition to the current coverage of bodily injury, where this side of insurance is still under investigation in the Ministry of Economy and Trade.
He also announced that the Bureau “consulted ACAL in order to prepare the rights mechanisms, pricing and limits of coverage that will be set in the contracts”. He said we submitted what was achieved to the minister of Economy and Trade Mr. Alain Hakim who will issue the implementing decrees of the traffic law, bearing in mind that we are still waiting for the final pricing study which is currently being prepared by one of the actuarial companies.”