Saudi Arabia – Immediate action on court rulings
Saturday, 12 16 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) compelled all motor insurance companies to transfer immediately the claim amount approved by court rulings as soon as the insured notifies the insurer about such court ruling. However, the insurer can challenge the ruling after paying the full amount to the insured according to the sixth article of the unified compulsory motor insurance contract. This will apply when a court ruling is issued for a benefit covered under a valid insurance contract. Moreover, action will be taken by SAMA against insurers who do not respect these instructions.