Regulatory Alerts2017-01-01
Insurance Authority Board of Directors’ Decision No. (30) of 2016 Concerning Issuing Regulation for Motor Vehicle Insurance Tariffs
The Insurance Authority Board of Directors issued Decision No. (30) of 2016 to establish mandatory minimum and maximum tariff rates for motor vehicle insurance policies in the UAE. The regulation applies to both Third Party Liability and Combined Loss and Damage policies, requiring insurers to adhere to specified price floors and ceilings for various vehicle categories while allowing competitive pricing within those bounds. These tariffs, which cover all statutory charges and commissions, became effective on January 1, 2017, and supersede previous circulars and conflicting provisions.
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