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Regulator Wants Changes to 3rd Party Auto Insurance Law

Regulator Wants Changes to 3rd Party Auto Insurance Law
Regulator Wants Changes to 3rd Party Auto Insurance Law

Central Insurance company of Iran has proposed amending the third-party auto insurance law to remove the ceiling on claims by owners of expensive cars. 
“The insurance industry believes that there should be no difference between low-cost and expensive cars. We have sent a proposal to parliament to remove the cap,” Gholamreza Soleimani, the CII president was quoted as saying by ILNA.
As per law, insurers are obliged to compensate up to 2.2 billion rials of loss incurred during mishaps to expensive cars – those costing 2.2 billion rials and above in the current  fiscal year that ends next March. 

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