Cyprus parliament passes law regulating insurance premiums for older drivers

The Cyprus House of Representatives has passed legislation restricting insurance companies from imposing arbitrary premium increases or refusing coverage to elderly drivers based solely on age. The law stems from a proposal submitted by member of parliament Alexandra Attalidou, which was approved almost unanimously after over three years of legislative efforts. Under the new regulations, age cannot serve as the exclusive criterion for refusing insurance or raising premiums without written and documented justification. Affected drivers now have the right to submit complaints to their insurer, and if unsatisfied, may escalate the issue to the Financial Ombudsman or the Superintendent of Insurance. Insurance companies found in violation of these provisions face administrative fines of up to 10,000 euros. The Pensioner Branch of PASYDY has urged its members to monitor the implementation of the law following its publication in the Official Gazette.