UAE – Insurers have to mention premium value
Saturday, 02 20 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority issued a directive to all insurers, brokers and agents in order for them not to issue any insurance contract without mentioning the value of the premium within the contract policy. They also have to send at the same time a text message to the insured mentioning the value of the premium.
And the Insurance Authority made it compulsory to add in the general conditions of the motor insurance policy covering theft, damage and civil liability a section mentioning the insurance premium (the contribution charged on the insured or policyholder) in a clear format while shedding light on all expenses in the policy contract of the vehicle.