UAE – The Authority requests insurers to submit motor prices
Monday, 10 03 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority requested licensed insurance companies that write non-life insurance in the country to appoint an actuary who will be commissioned to study the adoption of the unified compulsory motor insurance contract of year 2016. This follows its adoption by the board of directors of the Insurance Authority in order for it to be implemented starting in January 2017. The Authority requests that the report of the actuary should include the bases and assumptions used in order to calculate the fair price for motor insurance according to the “template” sent to insurance companies.
The Insurance Authority in a circular issued by the Director General Mr. Ibrahim Zaabi lately requested companies to provide copies of the requested studies as well as the pricing schedule of motor insurance within the 20th of the current month.
Source: Al Khaleej - Economic