The Coaliton for Accountabilit and Integrity - AMAN held an accountability session addressing the Palestinian Capital Market Authority over the reality of the insurance industry in palestine,whereas the participants emphazied the need to regulate the work of the Road Accident Funds and determine its role in providing safety away from competing wih other insurance companies. In addition to its role in raising awarness for the citizen about the importance of the insurance, to reduce the effects of various accidents and risks. Moreover, the participants have emphasized the importance of an existing independent Commercial Court to deal with issues regarding insurance and compensation.
The session which was implemented by AMAN included many participants such as the Palestine Capital Market Authority, the Union of Insurance Companies, Representatives of Insurance Companiee, Unions and Civil Society Organizations, as well as several jurists and academics. The session discussed several questions raised by AMAN, most important of which is the knowledge of policies and mechanisms adopted by the Capital Market Authority as a montoring supervisory role in cooperation with the insurance companies, systems of accountability and monitoring, and the mechanisims in running the Palestinian Insurance Industry, and the reflection of issued policies over the Board regarding the competion between differen insurance companies.
In addition to discussing many of the citizens complaints over the existence of collusion between various insurance companies and the Capital Market Authority to protect companies at the expense of the citizens pocket, and the role of the insurance monitor to serve the interests of companies at the expense of citizen as well.
Ayman Al-Sabbah, General Director of the Palestine Capital Market Authority, said that the insurance sector has the power to reduce the effects of various accidents and risks, emphasizing that the work of the authority started with a legal framework to ensure the efforts of the insurance sector.
Moreover, Mr.Sabbah pointed out that services of the insurance sector consists of insuring vehicles from first class, which accounts for 61% of the services, followed by health insurnce by 13%, and thus the insurancfe of workers and work injuries by 9% indicating the weak implemented law, as well as the will to provide insurance for medical errors.
Mr. Anwar Al-Shanti, chair person of the Palestinian Insurance Federation, expalined that the profits gained in 2016 were only on paper and nothing was in favor of the insurance market but for the investment revenues, emphasizing that the scale of insurance prices must be raised.
Mr.Shanti also pointed out many gaps that may negatively affect insurance companies, such complicity of some lawyers and doctors in cases for the benefit of some insurancees.
Dr. Azmi Shuaibi, Consultant to AMAN’s Board of Directors, emphaszied that the compensation fund must be controlled by the Palestinian Capital Market Authority, especially that the compensation fund is controlled by a board of directors from official parties, without any transparency or references in its reporting and publications.
Moreover, Dr. Azmi pointed out that in the light of the absence of the Legislative Council, therefore the citizen has no representaive for the organized private sector, which knows how to defend its interests.
