Saudi Arabia – 3 days for premium refund of canceled contracts
Thursday, 08 10 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) issued instructions for the refund of the premiums of canceled insurance contracts within a maximum of 3 working days in case the policyholder wants to cancel his contract in specific cases. This is an amendment of the eighth article of the unified compulsory motor insurance contract, which previously stipulated that the maximum period is 15 days.
According to the information obtained by “Makkah Newspaper”, the Saudi Arabian Monetary Authority represented by its governor His Excellency governor, Dr. Ahmed Abdulkarim Alkholifey modified the eight article of the unified compulsory motor insurance contract (it was as follows: in case the insured wants to cancel his contract, he has to return the contract to the company with a cancelation application and the company will have to return the proportionate part of the contribution within fifteen days from the cancelation application date).
Source: Makkah Newspaper