Regulatory Alerts2014-02-24
Added · Updated
Amendments to the Regulations for Issuing Supplementary Vehicle Insurance Documents (2013)
The Insurance Commission's Board of Directors amended Article 4 of the Original Regulations to mandate electronic issuance of insurance policies via a computerized system connected to the company's main center. Effective July 1, 2014, policies must carry a recorded serial number and include specific data fields in the company database, such as the insured's name, issuer details, and policy price. Additionally, the regulations require that the insurance amount, premium, and deductible be recorded in both numerical and written forms on the policy document.
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