The Knesset passed a bill into law today, which will re-invest extra money from car insurance payers back into the system.
Running from October 2016 until September 2019, the first year will see a 15% reduction in car insurance costs. The second year will see an 8% reduction, and the last year will see 3%. In total, some 1.17 billion shekels will be given back to insurance holders.
MK Ayelet Shaked is proud of the achievement: "These are public funds, and any extra belongs with its legal owners - the citizenry. Leadership needs to know when to give back money, and not just be busy with taking it."