The Riyadh chamber wants to set motor insurance pricing
Tuesday, 09 15 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Transport Committee of the Riyadh Chamber of Commerce asked for prices of motor insurance to be reset after they increased by 400% which will represent a high financial burden on citizens and investors in the sector.
The Committee indicated in a press release that this high increase created a black market in the insurance market, which does not comply with the objectives of the Royal decree No (32/m) dated 2/6/1424H related to the regulation of cooperative insurance and its executive rules under the decision of the Minister of Finance No 1/596 dated 1/36/1425H, as well as the decision of the Council of Ministers No (222) dated 13/8/1422H and its amendments stipulating that the car vehicle should be insured instead of the driving license.
Source: Al Riyadh