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Article 5 Pricing

IA-BOD-RES 3/2010 Effective from 21/3/2010

In pricing its insurance products offered to the Clients, the Company shall comply with the following:

  1. Full compliance with the generally accepted technical rules in insurance transactions when pricing the risks to be Insured.
     
  2. Not to add any excessive surcharges to the net premium or offer prices lower than the technical level, which may put the Company's financial position at risk and consequently exposing the Insured's interest to loss, which also constitute uncontrolled competition in the insurance market.
     
  3. Provide a complete statement of the price offered to the Client, so as to disclose any fees that may be incorporated in the offered price or that the Client will be required to pay in addition to the said price.
     
  4. Abide by the insurance prices set forth by the IA in mandatory insurances required in accordance with the laws and regulation, instructions and decisions issued thereunder.
     
  5. Inform the IA of the prices which the Company intends to apply enclosing a detailed statement of the technical and actuarial basis upon which the Company has determined such prices within a period of no less thirty days prior to implementing such prices, enclosing:
    1. Statistical data related to the settled and outstanding claims used as a basis of calculation.
    2. Detailed information about the significant losses incurred in the relevant insurance class and frequency thereof.