IRU to increase private vehicles insurance: Kuwait

IRU to increase private vehicles insurance: Kuwait

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.

According to the decision, the value of the basic insurance premium for private vehicles for individuals will amount to 32 dinars annually, in addition to an amount of 2 dinars for each passenger, and 2 dinars for the value of supervision and control fees. The qualified insurance company will not accept payment of the value of the unified insurance policy from the insured (participant) in cash, and collection of the value is limited to electronic payment methods, with the exception of the unified insurance