17 December 2015
The Capital Market Authority has organized a workshop on the new amendment to the Unified Motor Insurance Policy in its final version. The workshop was attended by employees of underwriting, indemnity and claims departments of insurance companies, brokers and agents and compliance officers.
The event was organized to pave the way for implementation of the new amendments after final approval by the Executive President of CMA as underwriting officers and employees of indemnity and claims departments and compliance officers are the link between the CMA and insurers and policyholders. Hence, they must be well aware of the details and new clauses so as to convey to the policyholders the benefits and options included in the policy further to explaining the rights and obligations of the policyholder to avoid any differences and confusion. The unified policy is standard form of the minimum requirements of the motor insurance contract.
The workshop was attended by not less than 100 representatives of insurance companies, brokers and agents.
Mr. Qais Al Suhi, Insurance Auditor and Actuary made the presentation and talked about the phases of the new amendments since the inception of the evaluation process 7 years ago when the unified policy was issued in 2008, in addition to benefiting from the international practices in the development of the policy beside the opinions of the insurance companies, brokers and agents and then the final legal phases prior to issuance. He added that the Board of Directors of CMA has approved the new amendments and discussion is under way currently with the Ministry of Legal Affairs.
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