The Court of Appeal has blocked the Insurance Regulatory Authority (IRA) from setting minimum premium prices for motor vehicle insurance, saving customers from a near doubling of underwriting fees.
The appellate court found that the motor insurance guidelines issued in 2009 by the IRA, which set the minimum premium at seven percent of the value of a vehicle against the prevailing industry minimum of four percent, were irrational, unreasonable, and disproportionate.
