Saudi Arabia – Compulsory motor insurance commission change
Saturday, 08 19 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority decided today to change the compulsory motor insurance commission in parallel with the authorization of electronic brokerage.
The governor of the Authority decided that the maximum allowed commission percentage in compulsory motor insurance issued by brokerage companies authorized by the Authority to intermediate electronically will be 2% of insurance contribution starting from the date of publication of the decision.
Moreover, the decision included a change to the maximum commission allowed for brokerage and agencies, which will be 2% of contribution in compulsory motor insurance starting from the date of publication of the decision.
Source: Sabq Online Newspaper