IRU to increase private vehicles insurance – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
- Date: 07-Apr-2023
- Source: Arab Times Kuwait
- Sector:Financial Services
- Country:Kuwait
IRU to increase private vehicles insurance – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
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KUWAIT CITY, April 6: The Supreme Committee of the Insurance Regulatory Unit (IRU) has issued a decision to regulate the issuance of a civil liability insurance policy arising from traffic accidents (“compulsory vehicle insurance policy”), whereby the qualified insurance company and the contracting broker are obligated to issue the unified insurance policy, reports Al-Rai daily. It is not permissible to amend the standard insurance policy form or add any appendices to it except if it is for the benefit of the insured or the beneficiary.
According to the decision, the unit will review the price tariff periodically — at least once every fiscal year — or whenever the market needs it, in accordance with the actuarial principles in force in this regard.
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