The Tripoli based Libyan Minister of Economy and Trade, Suhail Abu Shiha, issued a decision (400/2026) today regulation compulsory civil liability insurance arising from motor vehicle accidents.

The regulation aims to enhance the protection of the rights of victims and policyholders in accordance with a more efficient regulatory framework.

The resolution provides a binding mechanism for the settlement of claims and the payment of compensation quickly and transparently, reducing disputes and establishing the principles of justice and financial protection for affected families and individuals.

The Ministry pointed out that this step comes as part of its efforts to develop the Libyan insurance market and raise its regulatory and technical efficiency, to ensure the sustainability of companies and the protection of beneficiaries alike.

It stressed that the decision represents an important leap to modernize insurance legislation and enhances the role of the sector as one of the pillars of economic stability and social protection through clear procedures for estimating and disbursing claims.

Prefer Libya Herald on Google