Insurance authority passes new law amid latest financial losses
KABUL: (MEP) – The Afghanistan Insurance authority on Wednesday announced that the insurance law of Afghanistan has been drafted and will be forward to ministry of justice of Afghanistan in the near future, Khaama reported.
The officials further added that the insurance law will be sent to the Afghan parliament for approval, after the verification of the law is completed in the justice ministry of Afghanistan.
Insurance services was first introduced in Afghanistan earlier in 1964, and the only State insurance company was providing insurance services to different sectors of the country, including the government organizations and employees.
However, no major step has been taken to improve insurance sector of the country since it was damaged due to three decades of civil war, which also affected the commercial sectors of the country.
In the meantime, the insurance authority of Afghanistan has vowed to take strict measures in a bid to improve the insurance sector of Afghanistan by implementing a number of mandatory insurance policies on commercial organizations.
Head of the insurance authority of Afghanistan, Mohammad Arif Hamidi said four insurance companies including the State insurance are actively operating in the country, and providing services in 23 provinces of Afghanistan.
Mr. Hamidi said that certain insurance policies including property insurance will become mandatory once the insurance law of Afghanistan is passed by Justice Ministry and Afghan parliament.
The insurance authority of Afghanistan also said that certain individual lines of insurance policies will likely become mandatory including health insurance
For the citizens of Afghanistan.
In response to the concerns of people regarding the failure of insurance companies to pay the insurance claims, Mr. Hamidi said that the insurance authority is available to respond to public complaints.
This comes as millions of dollars in losses were incurred to local businessmen after a number of huge fire incidents were reported during the recent years, in capital Kabul and other key provinces of the country including Mazar-e-Sharif city.
