UAE: Insurance Authority imposes companies the inclusion of the premium in motor insurance policy
Tuesday, 12 22 2015, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority reported that its board of directors held its first meeting under the chairmanship of the Minister of Economy and Chairman of the Board, Engineer Sultan bin Saeed Al Mansouri, with the attendance of Board members and the director general of the Commission, H.E. Ebrahim Obeid Al-Zaabi. The Board has approved the amendment of some provisions of the Ministerial Resolution No 54 of 1987 concerning motor insurance policies, by adding a new clause to the general conditions of the motor insurance policy against loss, damage and civil liability, and the motor insurance policy against civil liability so that the company adheres to clearly and precisely including the value of the insurance premium or contribution collected from the insured or policyholder with all related expenses in the policy schedule as well as the vehicle insurance certificate. This amendment will be included in insurance policies issued by all insurance companies operating in the country after the enforcement of this resolution.
Source: Emarat Al Youm