Regulatory Alerts2017-01-01
Insurance Authority Board of Directors' Decision No. (25) of 2016 Pertinent to Regulation of the Unified Motor Vehicle Insurance Policies
The Insurance Authority Board of Directors issued Decision No. (25) of 2016 to regulate unified motor vehicle insurance policies in the United Arab Emirates. The regulation mandates that licensed insurance companies issue standardized third-party liability and loss and damage policies while prohibiting discrimination in rates and requiring fair, timely claim settlements within fifteen days. It further establishes strict definitions for insured parties and drivers, enforces adherence to international agreements like the Orange Card, and repeals previous ministerial resolutions to ensure transparency and consumer protection.
Share