Saudi insurers act as investment companies
Saturday, 10 31 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
Article 44 of the executive insurance regulations of cooperative Saudi insurance companies addressed the issue of delay and procrastination by stipulating that Company shall settle individual policyholder’s claims in a period not to exceed fifteen (15) days from the date of receiving all requested and necessary documentation related to the claim.
The legal expert and member of the international arbitration committee Mr. Mohamed Saad Wheibi told “Mubasher” that the supervision of the insurance market in KSA was assigned to the Saudi Arabian Monetary Agency which licensed more than 30 companies. However, the size of operations and the performance of insurance is still weak and faces problems such as the delays in settling due claims in addition to the continuous increase in insurance prices.
Mr. Wheibi added “Are we dealing with insurance companies or investment companies instead? So how can we explain the delays in settling claims for months with control or accountability.
Source: Mubasher Info