UAE – Insurance Authority compels insurers to mention premium
Monday, 04 11 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority compelled all insurance companies operating in the UAE to mention the insurance premium “policy price” in the insurance contract issued to cover vehicles.
Mr. Mohammed Mazhar Hamadah Chairman of Higher Technical Sub-Committee at the Emirates Insurance Association told “Al Ittihad” that the decision of the Authority aims at strengthening disclosure and transparency in dealing with customers in lines with the international practices. Mr. Hamadah indicated that a number of policyholders face real problems related to differences between to the insurance prices of the insurer issuing the policy and the actual premiums paid.
Source: Al Ittihad