Saudi Arabia – Supervision on health insurance prices
Tuesday, 12 01 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Council of Cooperative Health Insurance confirmed that it will intervene in controlling insurance prices in case there is fraud or manipulation in setting prices or even poor quality in the services offered in order to limit some practices of insurance companies, indicating that the maximum insurance period for the visitor of the kingdom should not exceed three months.
The Secretary-General of the Council of Cooperative Health Insurance Mr. Mohammed Bin Salman Al-Hussein told “Al Eqtisadiah” that the Council generally does not intervene in insurance prices when there is no justification for such an intervention. However, he confirmed that the Council will intervene in controlling price levels in case there are negative practices. Such intervention will take place against insurance companies in case prices are manipulated or services are offered poorly.
He added that supply and demand will be monitored in the market in order to check the soundness of prices by exercising an advanced supervision in order to limit any negative practice.
Source: Al Eqtisadiah