Khaberni - A joint committee, composed of the "Legal" and "Financial and Economic" committees in the House of Notables, approved, on Sunday, the Insurance Contracts Bill for the year 2025, including some amendments.
The meeting was chaired by the head of the Legal Committee, Ayaan Ahmad Tabishat, alongside the head of the Financial and Economic Committee, Rajai Maasher, with the attendance of the Minister of State for Legal Affairs, Fayyad Al-Qadi, and the Bar Association Head, Yahya Abu Aboud.
The compelling reasons for the Insurance Contracts Bill for the year 2025 were to establish a clear reference and specific legislation that organizes the legal provisions related to insurance contracts based on unifying the jurisprudential opinions and court rulings and plugging legal loopholes that appeared in practical reality.
It also came to regulate the insurance market and enhance the confidence of those wishing to invest in the insurance sector in a manner that helps stimulate economic growth in the kingdom and achieve a balance between the interests of the parties of the insurance contract, and to organize their rights and obligations, moving beyond the framework of adhesion contracts.
It also came to establish clear rules that regulate the stages of the insurance process, starting from the stage of applying for insurance to the conclusion of the contract and its execution, and emphasizes the highlighting of general and specific terms and conditions, coverages, exclusions, and required details in an insurance contract as a minimum, such as the insured interest, the nature of the risks insured against, the amount of insurance and premium, the date of the contract's conclusion, its effective date, time, and duration.
In addition to setting legal provisions that take into account the specificity of the insurance contract in general, and the specificity of certain types of it in particular, such as insurance contracts on persons or property or on life, or from fire and other property damage, medical insurance contracts, marine insurance contracts, and reinsurance contracts.
It also came to determine the obligations incumbent on the parties of the insurance contract and to clarify the legal provisions resulting from its termination based on justified reasons before its duration expires and the obligations that arise for the insurer and the insured, and to determine the period of limitation 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 insurer and third parties to initiate the lawsuit.
