Saudi Arabia – policyholders’ protection law among the best
Monday, 03 14 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Mr. Basem Odeh the Chairman of the Insurance Executive Committee confirmed that the Kingdom of Saudi Arabian has among the best policyholders’ protection laws in the world. However, the problem resides in the lack of awareness about it, so the public does not how to optimally take advantage of such laws.
According to a statement of which “Mubasher” received a copy, Mr. Odeh indicated that local insurance companies are responsible about this lack of awareness. Therefore, he asked for increased efforts to introduce the public to his insurance rights.
He noted that raising awareness is part of the law where the third article of the second part of the “policyholders’ protection law” published in July 2014 stipulated that insurance companies have to submit “free printed copies of this law” for every insurance type provided to customers before the contract or when the contract is signed to obtain a new product or service. The law has also to be published on the electronic web site.
Source: Mubasher Info