At today’s meeting, the Automobile Liability Insurance Commission reviewed the report submitted by the National Insurance Bureau regarding increased prices based on premiums for insurance activities.

During the session, the Commission directed both the National Insurance Bureau and the regulatory body, the Insurance Supervision Agency, to advise insurance companies to suspend any decisions to raise costs by the end of the day and revert them to pre-April 25, 2024 levels. This directive aims to uphold transparency and predictability in processes. It is noted that neither individual companies nor the National Insurance Bureau had informed the regulator or the Commission of any plans to increase costs based on insurance activity performance premiums, thus lacking an inclusive decision-making approach.

Furthermore, the Commission instructed the Insurance Supervision Agency to conduct an analysis assessing the justification and validity of the insurers’ decisions, prioritizing consumer protection. This analysis aims to furnish comprehensive information for objective and transparent decision-making. Consequently, the regulator is directed to suspend any decisions to increase expense prices by insurance companies.

Simultaneously, the Commission urged insurance companies, through the National Bureau, to contribute to drafting the analysis and proposed conclusions for revising the premium tariffs for motor vehicle owners’ liability insurance.