Posted by : Aahil Shaik Wednesday, November 8, 2023

Saudi Arabia amends Comprehensive Motor Insurance rules

The introduction of the Revised Comprehensive Motor Insurance Rules by the Saudi Central Bank (SAMA) marks a notable advancement in the continuous efforts to regulate the insurance industry and protect the rights of policyholders. Trending : Online appointment is must for Periodic Vehicle Inspection in Saudi Arabia

The revised regulations have the objective of expanding insurance coverage by include other parties such as relatives, private drivers, and sponsors of the insured.

- The change significantly narrows down the extent of coverage to individual customers, granting corporate clients more flexibility in customizing insurance coverages and benefits to suit their personal needs. Most Viewed : Saudi Arabia launches second phase of Investing Visitors visa

- The draft amendment underwent a comprehensive and transparent review procedure prior to its implementation. The publication was made available on the Public Consultation Platform of the National Competitiveness Center, thereby facilitating the participation of stakeholders and the general public in providing their viewpoints and feedback.

- The Amended Comprehensive Motor Insurance Rules can be easily accessed on the official website of the Saudi Arabian Monetary Authority (SAMA), offering full information for insurance companies, policyholders and other stakeholders. Read : 15 Foreign Law companies licensed to practice law in Saudi Arabia

Saudi Arabia amends Comprehensive Motor Insurance rules -

Saudi Arabia amends Comprehensive Motor Insurance rules -

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