The Lower House of Parliament continues its legislative session on Wednesday to discuss the 2025 Insurance Contracts Draft Law. During Monday's session, the House approved a majority vote on 12 out of the 101 articles of the draft law as submitted by the government.
اضافة اعلان
Objectives of the Draft Law
The draft law aims to enhance transparency and fairness in the relationship between insurance companies and citizens. Key protections for the insured include:
Response Time: Obligating insurance companies to respond to requests within 10 days.
Prohibiting Unfair Terms: Preventing the imposition of arbitrary or ambiguous conditions.
Curbing Illegal Practices: Tackling and criminalizing negative phenomena such as the illegal trade of accident reports (locally known as "Krokas") by imposing clear legal penalties.
Economic Impact and Legal Clarity
The legislation seeks to stimulate investment and support the national economy by providing an advanced legislative environment. It reinforces trust in the insurance sector by establishing the principle of fair compensation and ensuring that contract terms are clear, simple, and interpreted in favor of the insured in case of ambiguity.
Furthermore, the draft law outlines:
Mutual Obligations: Defining the duties of both parties and the legal consequences of terminating a contract for justified reasons before its expiration.
Statute of Limitations: Specifying the timeframes that prevent the hearing of lawsuits arising from insurance contracts.
Legal Standing: Identifying the circumstances under which the statute of limitations is interrupted and the dates upon which the insured or third parties gain the right to file a lawsuit.
