Palestinian Capital Market Authority: No Changes to Third Party or Mandatory Vehicle Insurance Rates

SadaNews Economy - The Palestinian Capital Market Authority confirmed on Thursday evening that no new instructions have been issued regarding the rates for third-party vehicle insurance or mandatory insurance, nor regarding how to pay those premiums during this period.

This statement comes as a clarification following the circulation of information on social media about the rates for third-party and mandatory vehicle insurance.

The Authority indicated that the determination of insurance rates has been in place since 2008, based on a system issued by the Cabinet, and that the mechanism for individuals to pay insurance premiums has been set since 2017, with no modifications made that concern individuals.

It stated that the relationship between insurance agents and insurance companies is governed by the contract concluded between the two parties, while the commission structure and the transfer of agents from one insurance company to another are subject to regulatory rules that serve the interests of the sector and do not negatively impact citizens or insurance service recipients.

The Authority emphasized its continuous commitment to transparency and protecting citizens' rights, ensuring fair rights for insurance policyholders, and confirmed that it is the sole official source for any decisions related to the insurance sector.