Saudi Arabia – Unified form for motor prices
Monday, 12 18 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority unified the form of motor insurance prices for individuals. All insurers operating in the motor insurance field as well as brokers have to comply with this model in order to market individual motor insurance whether for compulsory insurance or comprehensive motor insurance. It clarified that has to be published in both Arabic and English.
Moreover, the Saudi Arabian Monetary Authority said that it will take all appropriate measures against insurers that do not comply with this decision. Thus, SAMA aims at achieving transparency and clarity in the prices of motor insurance.