Bahrain – Parliament seeks motor insurance supervision
Monday, 11 30 2015, Category: Insurance and Reinsurance, Country: Bahrain
The Parliamentary Services Committee recommended a proposal that encourages the government to further supervise insurance prices observing that “insurance companies are imposing additional fees on the insured unjustifiably in addition to hurdles in obtaining his rights”. The committee said that in order to uphold the public interest the rights of the insured have to be protected against the greed of insurance companies.
Moreover, the Bahrain Chamber of Commerce and Industry said that insurance companies are relying to a large extent on investment activities in order to generate profitability for shareholders. Therefore, the regulatory control of prices could trigger large losses for the insurance sector and could lead some insurers to withdraw from certain insurance lines or refrain from offering a good service to customers.
Source: Al Ayam