Saudi Arabia – Insurance to settle accident claims rapidly
Wednesday, 02 22 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority compelled insurance companies to use the motor accident damage valuation centers adopted by the Saudi Authority for Accredited Valuers and to create an electronic link with it as well. Additionally, insurers have to speed accident claims settlements according to the database of the authority. This was covered through an agreement signed yesterday between the two parties.
Informed sources told “Al Madina” newspaper that the agreement signed between both parties tackles the role of the Saudi Authority for Accredited Valuers, which includes establishing centers to evaluate motor accident damage and assessing accident damage according to international standards. They also indicated that the Authority will prepare a training program for concerned professionals, will supervise professional practices and will issue a detailed classification for car repair workshops in the Kingdom.
Source: Al Madina newspaper