Bahrain: Regulator to standardise auto insurance policy wording
Source: Middle East Insurance Review | May 2015
The Central Bank of Bahrain (CBB) is working to standardise the wordings in auto third-party insurance policies among insurers.
Mr Abdul Rahman Al-Baker, Executive Director – Financial Institutions Supervision at the CBB said that officials are finalising the policy text which the regulator hopes will be adopted shortly by insurance companies, reported the newspaper, Al Wasat.
Mr Al Baker expects the standardised terms to be ready “in a month or a month and a half” and to lead to uniform standards and clearer contracts.
Chairman of the Bahrain Insurance Association, Mr Yahya Nooruddin, said the grouping is cooperating with the CBB to standardise procedures for handling third-party insurance in motor accidents. These steps would clarify the rights and obligations between insurers and customers.