Saudi Arabia – Unified motor claim procedure starting from 2017
Wednesday, 12 14 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Mr. Adel Al-Issa media spokesman for insurance companies praised the latest decisions issued by the Saudi Arabian Monetary Authority (SAMA), which stipulate that all claims related to Third Party motor insurance have to be paid using a banking account directly to the beneficiary through an “IBAN” number. Therefore, insurance companies have to settle claims to Third Parties within five working days for amounts not exceeding SAR 2000 starting from the date of the claim according to article seven of the unified compulsory motor insurance policy. Additionally, the insurance companies have to use a unified procedure for motor third party compulsory insurance starting from the beginning of year 2017.
Source: Al Riyadh