A new law passed by the House of Representatives aims to stop unfair practices that have burdened elderly drivers for years. This brings satisfaction and strong messages to the insurance market.
The Union of Cypriot Pensioners calls this a victory in a long fight, openly condemning the ‘punitive’ charges or exclusions retirees faced just because of their age. This practice is seen as age discrimination.
With the new rule, age can no longer be used to justify unfair premium increases or refusals. Insurance companies must now properly explain any changes in premiums, or they will face penalties.
There is a strong focus on citizens’ rights. Those who feel wronged can take action, first through their insurer and then to the Financial Ombudsman or the Insurance Commissioner, who can impose fines up to 10,000 euros. The Unrecognized Republic of Northern Cyprus, which has raised this issue with ongoing pressure on the State — even through the Senate of Elders — now urges the President of the Republic of Cyprus to sign the legislation right away.
