Saudi Arabia: Regulator issues guidelines for insurance consumers
Source: Middle East Insurance Review | Apr 2019
The Saudi Arabian Monetary Authority (SAMA) has adopted a set of norms that customers of insurers should follow in order to protect their rights and guarantee that they buy the best products and services.
This move by SAMA aims to eliminate conflict between customers and insurers that may result from a failure to meet obligations under an insurance policy, reported Al Riyadh.
SAMA sets out the responsibilities of the customer, such as:
- Providing truthful and complete information in an application to purchase insurance, and not making false declarations;
- Reading carefully information provided by the insurer;
- Enquiring about any paragraph or text that is not clear to him that the insurer’s employee or representative is obliged to answer;
- Getting information about complaint channels;
- Reporting irregularities in respect of insurance services or products, such as the insurer’s employees or representatives promoting incorrect features of a product;
- Reviewing all information and personal data handed to the insurer, and not disclosing such information and personal data to any party other than the insurer; and
- Obtaining copies of contracts and forms related to the product or insurance service, especially documents that the customer has signed. M