A new organization to terminate the insurance rates mutual complaints between businesses and drivers
Bahrain Monetary Agency announced yesterday that respond with a complaint of insurance on the car, issuing a new resolution on the annual rates of vehicle insurance (third party), the mechanism by which the calculation of third party insurance premiums, according to the price of the new institution was granted a deduction of up to 80 in per cent of the value of the annual insurance for drivers with clean traffic record, a step that is the first of its kind in the Gulf countries.
The issuance of this decision after observing that the institution that there are many reasons that make a review of the previous tariff and approved in 1995, including a complaint and of the high car insurance premiums as a result of insurance companies to calculate the higher ceiling price of the tariff without distinction between the good and the driver's reckless driver In addition to complaints from insurance companies the high cost of repairs due to the increase in the number of traffic accidents and increased cases of death and physical injuries as well as the taking into account the dangers of a private nature, such as sports cars and the driver's age and duration of drivers license and multi-events.
We will give this resolution, a believer in the benefits of original records them with free traffic accidents will be given discounts ranging from 5% to 20% and, by contrast, gave a resolution of the insurance companies the right to increase the insurance premium rates for multi-rated traffic accidents and to meet the premium commensurate with the nature of special risks insured.
Said Mr. Anwar Khalifa, Executive Director of the Financial Institutions Supervision at the BMA that the institution has sought for more than two years to address the problem of the third party to negotiate with the Bahrain Insurance Association, where an agreement reached on most points of the dispute and, accordingly, has put its proposals through bilateral meetings and open hearing with the various civil society institutions such as the Consumer Protection Society and the Society of transparency and the House of Representatives and the Shura Council, pointing out that although the issue of third party insurance for cars is the issue of complex and interrelated and interlinked set of interests is the mechanism that had been reached in the new tariffs take into account justice and fairness for all parties to the process of insurance ».
And insurance premiums beginning in the new tariff, effective from 53 Bahraini dinars for private cars with engine capacity of 1400 cc Cubism to BD 83 for private cars with engine capacity of 3651 cc Cubism or more, to give drivers with clean traffic record and who may reach a degree to 80% discount rate of 5% for the first year of claims-free and 10% for two years and 15% for three years and 20% for four years or more.
This will enable the resolution of the insurance companies increased the premium by 25% at the time of the first claim for damage to property or bodily injury, and 50% and 100% in the case of the second claim and third claim, respectively. Imposed in addition to the premium by 100% in case of accidents that lead to death, will also be able to increase the insurance premium by 25% of the basic price of the annual insurance in cases that do not exceed the age of the insured by 24 years, and the rate of 50% of the vehicles sports identified by the Foundation from time to time.
Bahrain Monetary Agency announced yesterday that respond with a complaint of insurance on the car, issuing a new resolution on the annual rates of vehicle insurance (third party), the mechanism by which the calculation of third party insurance premiums, according to the price of the new institution was granted a deduction of up to 80 in per cent of the value of the annual insurance for drivers with clean traffic record, a step that is the first of its kind in the Gulf countries.
The issuance of this decision after observing that the institution that there are many reasons that make a review of the previous tariff and approved in 1995, including a complaint and of the high car insurance premiums as a result of insurance companies to calculate the higher ceiling price of the tariff without distinction between the good and the driver's reckless driver In addition to complaints from insurance companies the high cost of repairs due to the increase in the number of traffic accidents and increased cases of death and physical injuries as well as the taking into account the dangers of a private nature, such as sports cars and the driver's age and duration of drivers license and multi-events.
We will give this resolution, a believer in the benefits of original records them with free traffic accidents will be given discounts ranging from 5% to 20% and, by contrast, gave a resolution of the insurance companies the right to increase the insurance premium rates for multi-rated traffic accidents and to meet the premium commensurate with the nature of special risks insured.
Said Mr. Anwar Khalifa, Executive Director of the Financial Institutions Supervision at the BMA that the institution has sought for more than two years to address the problem of the third party to negotiate with the Bahrain Insurance Association, where an agreement reached on most points of the dispute and, accordingly, has put its proposals through bilateral meetings and open hearing with the various civil society institutions such as the Consumer Protection Society and the Society of transparency and the House of Representatives and the Shura Council, pointing out that although the issue of third party insurance for cars is the issue of complex and interrelated and interlinked set of interests is the mechanism that had been reached in the new tariffs take into account justice and fairness for all parties to the process of insurance ».
And insurance premiums beginning in the new tariff, effective from 53 Bahraini dinars for private cars with engine capacity of 1400 cc Cubism to BD 83 for private cars with engine capacity of 3651 cc Cubism or more, to give drivers with clean traffic record and who may reach a degree to 80% discount rate of 5% for the first year of claims-free and 10% for two years and 15% for three years and 20% for four years or more.
This will enable the resolution of the insurance companies increased the premium by 25% at the time of the first claim for damage to property or bodily injury, and 50% and 100% in the case of the second claim and third claim, respectively. Imposed in addition to the premium by 100% in case of accidents that lead to death, will also be able to increase the insurance premium by 25% of the basic price of the annual insurance in cases that do not exceed the age of the insured by 24 years, and the rate of 50% of the vehicles sports identified by the Foundation from time to time.
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