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Financial Authority Sets New Insurance Rules
The General Authority for Financial Control has issued new regulations for individual insurance policies, requiring insurance companies to inquire about the creditworthiness of applicants when issuing policies valued at 10 million pounds or more. This aims to improve risk assessment and reduce the likelihood of fraud and deception. The decision includes updates to risk management standards, client identity verification, the collection of accurate health and financial data, and the implementation of policies to prevent duplication and fraud. This measure seeks to enhance underwriting efficiency and protect policyholders and comes as part of the Authority's efforts to develop and ensure the sustainability of the insurance sector in accordance with the new law.
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