The Gulf Insurance Federation has approved a preliminary draft to launch a single motor insurance policy in the GCC region, which is expected to be introduced before the end of 2013.
The technical committee of the federation head Mohamed Mazhar Hamda was quoted by Alittihad as saying, "The preliminary draft policy has been approved by the federation at their meeting in Dubai that was held in the middle of last month."
The unified insurance policy draft for automobiles has already been circulated to major underwriters in the region, the UAE-based online newspaper further reported.
Suggestions and recommendations have been invited by the federation to improve the draft.
It is expected that during the upcoming meeting scheduled in Doha, the federation, which is an association of regional risk underwriters, will take a final call for implementation of the policy.
The launch of the policy will eliminate the need to buy separate motor insurance covers within the GCC region.
