Saudi Arabia – Enforcing prompt insurance settlements within 5 days
Friday, 12 02 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
In a second move during this week, which aims at eliminating delays in the settlement of the rights of insurance beneficiaries, the Saudi Arabian Monetary Agency (SAMA) issued a number of instructions related to the claim settlement procedures in the compulsory insurance field, which will speed claim payments and unify required documents.
The Agency, which supervises the operations of insurance companies in the Kingdom said in a statement yesterday that “the settlement of third party motor insurance claims should be done within five days from the submittal date of the claim for amounts not exceeding SAR 2,000 provided the documents provided by the claimant are complete”.
The instructions also stipulate unifying the claim procedures for compulsory motor insurance (third party) for individuals.
Source: Al Hayat