UAE – Rules on price definition and vehicle documents
Wednesday, 12 20 2017, Category: Insurance and Reinsurance, Country: U.A.E
The Board of Directors of the UAE Insurance Authority has issued two resolutions. The first resolution relates to amending the Vehicle Insurance Price Definition System No. 30 of 2016, while the second is on amending certain provisions of the Unification System of Vehicles Insurance Documents No. 25 of 2016.
The meeting at which the resolutions were agreed was chaired by Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board, and was attended by other board members and Ibrahim Obaid Al Zaabi, Director-General of the Authority.
Al Mansouri said that the new amendments had been approved on the basis of studies conducted by the authority on the impact of adopting both systems in the local market in 2017.
In a statement to the press, he said that the new resolutions will protect the rights of insurance document holders and shareholders of insurance companies, as well as insurance companies, from future risk. This will contribute to the development of the required technical framework and laws, to strengthen the establishment of a new and advanced regulatory system for the vehicle insurance and Emirati insurance markets, which will increase the insurance sector’s share of national GDP and support the economy’s overall growth.
Source: Emirates News Agency