Saudi Arabia – Plan to enforce prompt settlement of claims
Saturday, 11 26 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Agency decided to implement a plan, which includes strict procedures in order to enforce prompt settlement of insurance claims and eliminate any abuse. The insurers that do not respect these rules will be penalized and will be compelled to deposit the amount of the claim directly in the banking account of the beneficiary, starting from the upcoming January 1st.
The Agency called upon all insurance companies to start reforming their financial procedures immediately in order to comply with the new rules along with the necessity of checking the accuracy of the bank account details of beneficiaries and avoid issuing checks unless it is necessary.
Source: Al Madina Newspaper