SAUDI ANNOUNCES NEW CHANGES TO AUTO INSURANCE SYSTEMS THE NEW PROVISIONS PROVIDE FOR FASTER SETTLEMENT OF COMPENSATION APPLICATIONS. THE TERMS ANNOUNCED BY THE SAUDI ARABIAN MONETARY AUTHORITY WILL BE VERY COMFORTING TO USERS.
THE SAUDI ARABIAN MONETARY AUTHORITY HAS ANNOUNCED THAT IT WILL FORCE INSURERS TO SETTLE VEHICLE INSURANCE CLAIMS QUICKLY. CLAIMS FOR COMPENSATION BY ACCIDENT MUST BE SETTLED WITHIN 15 WORKING DAYS. IF THE APPLICATION IS INCOMPLETE, USERS MUST BE INFORMED WITHIN SEVEN DAYS.
VEHICLE INSPECTION MUST BE COMPLETED WITHIN 3 DAYS OF RECEIPT OF THE CLAIM. IF THE COMPENSATION AMOUNT IS LESS THAN 2000 RIYALS, IT MUST BE PAID WITHIN 5 DAYS. THE AUTHORITY ALSO STATED THAT INSURANCE COMPANIES SHOULD CONSOLIDATE FORMS AND DOCUMENTS TO APPLY FOR MANDATORY THIRD-PARTY CLAIMS FOR VEHICLES. IN CASE OF CANCELLATION OF ANY POLICY BY THE HOLDER, IT IS REQUIRED THAT THE BALANCE BE PAID WITHIN THREE WORKING DAYS TO THE OWNER OF THE BANK ACCOUNT WITHIN THE STIPULATED TIME PERIOD.
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