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  • Chapter Three Insurance Premium Rates

    • Article (7) Motor Vehicles' Insurance Tariffs

      1. The prevailing tariffs of motor vehicle Insurance already circulated to the insurance companies via circular No.28/7/ EC/1055 dated 24.6.1996 shall remain valid till amended or replaced by the Board.
         
      2. When premium rates of motor vehicle insurance are determined it has to be observed that they shall be according to the technical principles of pricing operations of such type.

    • Article (8) Other Tariffs and the Related Supervision

      1. The Authority may determine and amend the unified tariffs of certain types of insurance as the case might require.
         
      2. The Authority may supervise the premium rates applied by the company and verify extent of commensurability with the risks insured by the company and may require detailed information on the basis and rules which the company relied upon to determine these rates.

    • Article (9) Cancellation of a Compulsory Motor Vehicle Insurance Contract

      1. Neither the company nor the insured has the right to cancel a compulsory motor vehicle insurance contract during validity of the contract as long as his licenses remained valid unless replaced by other insurance contract.
         

      2. A compulsory motor vehicle insurance contract shall be deemed cancelled pursuant to the Law should the motor vehicle happened to be total loss and its registration been cancelled by the pertinent licensing authority.

        In this case, the insured shall have the right to be reimbursed by the company a sum of the premium prorate for the remaining period of the insurance contract unless the insured had caused an accident that created total loss and that without prejudices to the established rights of the others prior to cancelation of the insurance contract.