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Dec 2022

Saudi Arabia: Insurers required to pay small motor third-party liability claims within 5 working days

Source: Middle East Insurance Review | Sep 2022

The Saudi Central Bank (SAMA) has instructed insurance companies to settle claims by individuals for motor third-party liability within five working days if the value of the claim does not exceed SAR2,000 ($533).
“The claim shall be settled within a period not exceeding five working days from the date of receiving the claim,” SAMA said in a statement on its website.
SAMA has updated a standard form for insurance claims for motor third-party liability insurance claims, indicating that the form will come into use in mid-August. It has allowed insurance companies to convert the form to a digital version to keep pace with the transformation of technical services.
In addition, SAMA has consolidated the various types of documents that are required to be submitted along with mandatory vehicle third-party liability insurance claims. It also unified the procedures that insurance companies should adhere to in settling claims. M 
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