Saudi Monetary Authority monitors insurance prices
Friday, 04 07 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
After the implementation of new instructions in December 2016 by the Saudi Arabian Monetary Authority (SAMA) in order to compel insurance companies to offer discounts for motor drivers who have an accident-free driving record, the media spokesperson of insurance companies Mr. Adel Al Issa confirmed that there will be examination visits conducted by SAMA in order to monitor prices in the new system in order to ensure prices are not raised before the application of the discount implemented in the end of last month.
Moreover, Mr. Al Issa explained that the main objective of the new law is to decrease the number of accidents clarifying that the repercussion of this law will not emerge until one or two years.
Source: Al Watan Online