The insurance law in Libya needs to be amended and updated to keep pace with market developments, especially legislation in neighboring countries, according to the secretary-general of the Libyan Federation of Insurance Companies Mr Ali Ammar Regae. He said in a statement to the newspaper Bawabat Al-Wasat that the insurance market has see n noticeable improvement as a result of political stability. There are 40 insurance companies operating in the Libyan market, including 30 registered with the Federation. T he number of insurers allows for competition and the provision of quality service s, he said . Outlining some strategies for the insurance sector, Mr Regae said that the Federation is seeking to develop the insurance sector and address the distortions that arise in the legal framework.
