Creation of a new insurance company

Given that the insurance companies' role is confined to that of mere intermediaries, the Minister of Industry and Commerce in charge of the motor insurance committee has announced the future creation of a new insurance company endowed with a capital of 2 billion YER (10.2 million USD). This decision aims at reducing the drain of foreign currency and the recourse to foreign reinsurers. In order to make up for the sector's shortcomings, the authorities are envisaging some amendments in view of consolidating the State's control, increasing the companies' capital and setting up a regulatory authority for the market which currently includes 15 companies.

The draft bill has set at 400 million YER (2.04 million USD) the minimum capital for insurance companies.

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