Saudi Arabia – Linking motor insurance to accidents
Tuesday, 01 17 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The decision to link the tariff of motor insurance to the accident records of beneficiaries became effective for implementation. This follows a year of study of its legality since June 2016. The Saudi Arabian Monetary Authority (SAMA) set the beginning of the next month of February as the deadline to comply with this decision in order to limit arbitrary price increases in the insurance market, which ranged between 200% and 300% according to experts. At the same SAMA has moved the market gradually from the issuance of checsk to the transfer of due amounts to beneficiaries through IBAN to banking accounts.
Source: Al Madina Newspaper