UAE – Old insurance contracts inforce until expiry
Tuesday, 11 08 2016, Category: Insurance and Reinsurance, Country: U.A.E
Mr. Ibrahim Obaid Al Zaabi, Director-General of the UAE's Insurance Authority confirmed that old motor insurance policies will stay in-force until expiry. However, when the insurance policy is renewed, it will be according to the new motor insurance system.
He said in an interview with (Al Economic Bayan) that the authority encourages companies to provide the best insurance services with appropriate prices and coverages. This will contribute to the improvement of the Emirati insurance market and strengthen its competitiveness.
He clarified that the Authority issued legislations that address the rules of practicing insurance and its ethics, which companies should follow in order to protect the policyholders’ rights and control the practices of insurance companies. He added that one of the best characteristics of the unified motor insurance system is that it takes into consideration economic and social developments that the UAE witnessed during the past years. The system also included a number of definitions to resolve practical problems and complaints such as the definition of accident, floos, and licensed driver.
Source: Al Bayan - UAE