Magazine date:
Feb 2015 The Central Bank of Bahrain (CBB) announces that insurers operating in the territory will have to contribute to the supply of funds for victims of hit and run motor accidents.
This contribution was set at 1% of total premiums collected by companies under motor insurance. The first payment was calculated on the basis of motor premiums for the year 2014.
According to Abdul Raman Al Baker, executive director of Financial Institutions Supervision at the CBB, the initial endowment of the fund will be 1.59 million USD at its launch.
The fund, which should be operational in two months, also intends to cover damages caused by uninsured vehicles or insured by a bankrupt company.