Saudi Arabia – Motor insurers compelled to offer discounts
Tuesday, 07 25 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority implemented an inspection program on insurance companies that included the analysis and study of all motor insurance contracts issued by all insurers in order to examine whether discounts are granted in case the motor driver did not cause any accident and whether loyalty discounts are granted as well to individuals. It was proved that some companies did not actually grant these discounts or did not offer fully these discounts due to technical errors or deficiencies in operations.
Moreover, the Authority issued instructions to insurers in order for them to comply with the regulations and take the appropriate measures in order for these errors not to be repeated. Additionally, the Authority asked the concerned insurers to reimburse the clients for the mentioned cases and said it will follow up to make sure the regulations are enforced.
Source: Al Riyadh Newspaper