Economy Ministry Sets New Vehicle Insurance Rules
The Libyan Ministry of Economy and Trade issued Decision No. 400 of 2026, regulating mandatory automobile liability insurance resulting from vehicle accidents. The aim is to strengthen the rights of those affected and enhance the efficiency of the insurance market. The decision establishes clear and binding mechanisms for claims settlement and prompt, transparent compensation payments, thereby reducing disputes and increasing trust between policyholders and insurance companies. It also enshrines principles of justice and transparency in claims management, seeking to promote the sustainability of companies and provide financial protection for individuals and families. This is part of efforts to update legislation and reinforce the economic and social role of the insurance sector in Libya.
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