New procedures for the settlement of motor claims in Saudi Arabia

Saudi Arabian Monetary Authorities (SAMA) require that insurance companies comply as of January 1, 2017 with the standardized procedures for the processing of the files pertaining to motor claims, and likewise for their settlement.

Payment of claims not exceeding 2 000 SAR (533 USD) shall be made within five days from receipt of the claim notification.

Compensation payment to the beneficiary is now made by bank transfer. SAMA’s decision comes as a result of the numerous complaints filed by policyholders regarding delayed refunds of their claims.

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