Saudi Arabia – SAMA decision will speed claim payments
Friday, 12 09 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority compelled insurance companies to speed motor insurance claim settlements for third parties for amounts not exceeding SAR 2 thousand during a period not exceeding five days after the submittal of the complete documents.
An insurance expert said that this decision made by SAMA is the result of the large number of recurrent complaints filed by citizens about the delays in settling insurance claims.
Source: Al Riyadh