Bahrain – Launching “motor accident fund”
Wednesday, 03 30 2016, Category: Insurance and Reinsurance, Country: Bahrain
The Central Bank of Bahrain issued on Sunday (27 March 2016) a “motor accident fund” in order to compensate people affected by car accidents with amounts reaching BD 10 thousand in case of death or total disability for every affected person in the accident.
The fund aims at indemnification in car accidents for the following reasons: absence of insurance coverage for the person who caused the accident, the person who caused the accident is unidentified, bankruptcy of insurer, and in case no party is liable to indemnify according to the laws in force.
Source: Al-Wasat Newspaper