Khaberni - The Cabinet decided in its session held on Wednesday, chaired by Prime Minister Jafar Hassan, to approve the Insurance Contracts Bill for the year 2025, which aims to enhance transparency and justice in the relationship between insurance companies and citizens.
The bill ensures the protection of the insured's rights by obligating insurance companies to respond to requests within only 10 days and preventing the imposition of unfair or ambiguous terms.
It also contributes to stimulating investment and supporting the national economy through providing an advanced legislative environment, as well as addressing negative phenomena such as the purchase of "crooks" and criminalizing it legally and imposing clear penalties.
The bill aims to enhance trust in the insurance sector and achieve the principle of fair compensation that protects the rights of all parties.
The bill ensures that the terms of the contracts are clear, simple, and interpreted in favor of the insured in case of any ambiguity.
It also emphasizes the right to fair compensation equivalent to the actual loss, with a maximum limit of the agreed insurance amount, and prevents the imposition of ambiguous or unfair terms that lead to the deprivation of the citizen's compensation.
The bill works to establish clear rules that regulate the stages of the insurance process, starting from the stage of submitting the insurance request to the conclusion of the contract and its execution, and highlights the general and specific terms and conditions, coverages, exclusions, and the data required to be available in the insurance contract as a minimum, such as the interest insured, the nature of the risks insured against, the insurance amount and premium, the contract date, effective date, time and duration.
According to the bill, legal provisions will be established that take into account the general specificity of the insurance contract and the specificity of some of its types in particular, such as insurance contracts on persons or property, life or from fire and other damages to properties, medical insurance contracts, marine insurance contracts, and reinsurance contracts.
The bill specifies the obligations incumbent on both parties of the insurance contract and clarifies the legal provisions resulting from its termination based on justified reasons before the expiration of its duration and the obligations resulting therefrom for the insurer and the insured.
It also specifies the statute of limitations preventing the hearing of claims arising from the insurance contract, the cases in which this limitation is interrupted, and the date on which the right arises for the insured and for third parties to file claims.
