In the name of Allah the Merciful
Praise be to Allah, Lord of the Worlds, and prayers and peace be upon our Prophet Muhammad and his family and companions.
I am delighted to welcome all of you and thank you for coming and participating in the event of inauguration of Solh Centre for insurance disputes at the General Secretariat of the Committees. Thanks are extended to all colleagues who participated to the preparation for the ceremony.
In the Beginning, I'd like to point out that the Saudi Arabian Monetary Authority (SAMA) is keen to to find and provide an integrated regulatory environment for the practice of insurance activity as well as supporting all initiatives and projects that contribute to the establishment of regulatory frameworks and controls to protect the rights of insurance policyholders and promote confidence in the insurance sector through adequate fulfilment of the rights resulting from the practice of insurance activity and removing all obstacles in order to achieve the objectives of the Kingdom's Vision 2030.
No doubt that working on facilitating the processing of settlement of the insurance disputes and abide by all the considerations and regulations of the system is a priority must be fulfilled, especially in light of the close association of insurance products to the needs of citizens and residents in various fields, in addition to the work on the improvement of all practiced measures in this regard. This is in line with the efforts of the Financial Sector Development Program to increase the efficiency of the sector to address and overcome possible challenges through the development of the automation infrastructure, activation of electronic services, the protection of beneficiaries and the completion of reconciliation requests electronically within a short period of time.
I am pleased to announce the inauguration of the Solh Centre for Insurance disputes. It is considered one of the prominent initiatives that is expected to contribute significantly to the settlement and reconciliation of insurance disputes, especially in light of the provision of an appropriate regulatory environment which is reflected in the procedures for reconciliation that seek to preserve the rights of all parties to the insurance policy, by allowing insurance companies to join the Solh Center, and determine the procedures for all stages of reconciliation processing requests, as well as approving experienced and competent counselors to work objectively on settling insurance disputes according to the statutory rules, precedents and judicial principles on which the insurance committees have settled.
In the end, I reiterate my thanks to you all for presenting and contributing, I also thank insurance companies for joining Solh center. Thanks are extended to The General Secretariat of the Committees for Resolution of Insurance Disputes & Violations for their efforts. I wish you all the luck and success.
*In a Speech Delivered by Deputy Governor for Supervision, Fahad Al-Shaithari on the behalf of the Governor