Saudi Arabia – When will health insurers fix their situation?
Friday, 07 10 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The health insurance sector is still suffering from violations practiced by some companies, especially health insurance companies. Therefore, the Council of Cooperative Health Insurance issued decisions penalizing 6 health insurers by suspension, after these companies did not comply with the laws and regulations of the council and insurance policies without fulfilling the document requirements, in addition to the presence of health insurance policies which do not meet the policy standard imposed, so the council suspended five insurers for different periods. The council also lifted the suspension imposed on a number of health insurers after they fixed their situations and met the standards of health insurance system, the executive law and the unified policy.
The spokesperson of the Council of Cooperative Health Insurance clarified that the council will continue its functions of protecting the insured, strengthening the insurance industry. And it will continue supervisory and regulatory actions through different mechanisms aiming at enforcing the laws and instructions and penalizing violating companies. One of these violations is the non-delivery of health insurance cards to the insured, issuing policies without completing the document requirements, in addition to presence of health insurance policies that have lower limits than scheduled, or not following the updates on the unified model policy where the limit exceeded 500,000 Saudi Riyals for one year.
Source: Al Eqtisadiah