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told the economist that the compulsory insurance policy for vehicles approved by the Monetary Authority is a correction to the wrong situation, noting that "Sama" has strengthened the rights of the insured.
Sami al-Ali, a member of the National Insurance Committee of the Saudi Chambers Council, stated that SAMA considers that the public interest and the modifications that it has approved in the police of Compulsory auto insurance is evidence of the interest of the Foundation for all parties to obtain rights This document has been prepared after taking the advice of insurance companies on this subject, which confirms that SAMA works in an integral way with the parties concerned.
Al-Ali pointed out that reduce the age of the insured to 18 years instead of 21 years Especially that this category has been obtained compulsory insurance for vehicles by a certain system increasing demand and approval is added one, saying that reducing insurance for the age of 18 is something new in the global insurance systems . 21 years
The modification of the mechanism for calculating the amount of the contribution returned to the insured when canceling the document by deducting the costs "This does not affect the companies. insurance that operate indirectly in the Kingdom, but it will affect foreign insurance companies that invest directly in Saudi Arabia, especially since the regulations have been changed by all the countries of the world ".
Abdul Aziz al-Saud, a member of the National Committee of the Saudi Chambers Council, explained that the changes to the compulsory insurance policy for vehicles have made it possible to fill the insurance gaps and will give confidence in the insurance with the amendment introduced by SAMA. For believers after filling gaps "The reduction of the age of insurance to 18 years instead of 21 years was a loophole and should not be present, as the Department of Circulation issues the license at 18. Naturally binding insurance is required, noting that the excluded category
Abu al-Saud excluded this reduction because they had no claim file on the the basis of which they were reduced, in addition to granting licensees the opportunity to renew their license by obtaining insurance once renewed.
The impact on insurance prices, he pointed out that he is not going to raise premium prices, and identified Abu [14959015] Nashwan Abdul Aziz, an insurance specialist, said the new amendments have strengthened the rights of believers and conferred on them their rights, which is not surprising on the part of the Autor The amendments are the first amendments of this kind, which make Saudi Arabia a leader in this system and rights granted to the insured, unlikely to raise these amendments to the police force. insurance, especially since the amendments are organizational.
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