SAMA to settle disputes of Saudi insurers with transport companies
Tuesday, 10 13 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The National Transport Committee at the Council of Chambers decided to meet during the current week with the Insurance Regulatory Department of the Saudi Arabian Monetary Agency in order to intervene by settling the conflict with insurance companies and reprice motor insurance by decreasing the prices after they increased by 400% which constitutes a burden on citizens and investors in the sector.
Mr. Bandar Al-Jabiri the chairman of the National Transport Committee at the Council of Chambers told “Al Yaum” that the committee intends to hold a meeting with the Insurance Regulatory Authority at SAMA during the current week in order to find a solution to the unjustified insurance price increases and try to decrease prices after it failed to resolve the issue directly with insurance companies.
Source: Al Yaum