Third party insurance tariff for all types of vehicles for the year 1401

According to the Monetary and Financial News, quoting the General Department of Public Relations and International Affairs of the Central Insurance, in the implementation of Article (3) Article (18) “Compulsory insurance law for damages to third parties due to accidents caused by vehicles – approved in 2016”, the Supreme Insurance Council in a meeting dated 1400.12.25, according to the report of the Central Insurance of the Islamic Republic of Iran. Iran decided on the performance of the field of third party insurance during 1399, in terms of social considerations and the policies of the esteemed government in controlling inflation; Central Insurance J.A. Iran should regulate and announce the insurance premium tariff for the mentioned field in such a way that the increase in the amount of Rials in the insurance premium in 1401 compared to 1400 is equal to 4 percentage points less than the percentage increase in the amount of Rials in Diyat.
According to this report, the Central Insurance was obliged to calculate the basic insurance tariff table after notifying the amount of Rials to the insurance companies and notifying the insurance companies.
In this communiqué and in order to implement this decree, insurance companies were obliged to observe the following:
1- According to the announcement of the amount of Rials for 1401 by the Judiciary, which guarantees a 25% increase in the amount of Rials, all insurance companies are required to provide third-party insurance policies whose coverage date is from the date of notification of this circular and thereafter. Issue with physical obligations of 8000 million Rials (equivalent to the blood money of forbidden months) and financial obligations of at least 200 million Rials and with the insurance premiums listed in the attached table. Insurance companies and their representatives are obliged to make the table visible to the applicants.
2- How to apply various discounts and additional insurance premium rates related to third party insurance in accordance with the criteria set forth in the executive by-laws of Article (18) of the above-mentioned law, in accordance with Resolution No. 65485 / T55299, dated 05.27.2018. No. 120058/400/96 dated 09/12/2017 is the central insurance.
3- Pursuant to Article (3) of the Law on “Compulsory Insurance of Damages Caused to Third Parties Due to Vehicle Accidents – Approved in 2016” and its Executive Regulations – Approved by the Cabinet, insurance companies are obliged to provide insurance policies for drivers who have a coverage date. They shall issue from the date of notification of this circular and after, with obligations of at least 6 billion Rials and with the rates and criteria stipulated in the said regulation and if requested by insurers, increase the amount of obligations of previously issued driver insurance policies by obtaining the relevant insurance premium.
4- According to the third party insurance law, obtaining the supplement to increase the physical liabilities of third party insurance is for insurance policies whose coverage date was before 1401.01.01, and in the case of those third party insurance policies whose coverage period started from 1401 01.01 to 1401.01.01 and have been issued with the obligations of the previous year, since according to the law of third party insurance approved in 2016, the physical obligations of third party insurance at the time of issuance must be in the amount of haram months, insurance companies are obliged to It is appropriate to inform such insurers in order to increase the physical liabilities of their insurers to the extent prescribed in the said law. Also, if the insurers request an increase in financial liabilities to compensate for the financial losses, the insurance companies are obliged to issue an addendum to increase the financial liabilities of third party insurance by obtaining the relevant insurance premium.
To view the full table of third party premiums 1401 Here Click.