samaSaudi Arabian Monetary AuthorityNewsLaunching Resolution Center for Individual Vehicle Insurance disputes
Launching Resolution Center for Individual Vehicle Insurance disputes

The General Secretariat of the Committees for Resolution of Insurance Disputes & Violations announced the launch of the reconciliation center for disputes that worth no more than 50 thousands riyals filed by individuals against insurance companies in accordance with regulators and controls.

The committee clarified that the center has already started receiving disputes settlement requests through the website: as of 1440/08/19, corresponding to 24/04/2019; noting that this service is an alternative means of resolving insurance disputes. The committee signed with a number of insurance companies operating in the Kingdom an agreement which ensures the compliance in according controls and regulators. The committee is working on providing reformers with adequate experience and competency to work independently by proposing reconciliation to individuals based on legitimate grounds, statutory and law basic principles. Not to mention, that the service does not prevent one's right of resorting to the specialized insurance committees if he/she wishes to.

As for the advantages of the (Solh=reconciliation) center, the General Secretariat of the Committees for the Settlement of Disputes and Insurance Violations explained that the receiving of disputes from all over the Kingdom is processed online and does not require either of the dispute's two parties to attend physically. Individuals have the right to accept or refuse the conciliation proposal.

     The minutes of reconciliation shall be prepared after it is accepted by the applicant and approved by the committee; an executive bond for the dispute and not subject to appeal before any judicial body.

Regarding the required conditions to benefit from this service, the committee clarified that the claims must be filed by individuals against an insurance company who has signed the membership agreement. In addition, the dispute must arise out of vehicle insurance contract and worth no more than 50 thousands riyals. Finally the submitting of the dispute should be within one year from the due date of the compensation and not related to any debts and bodily harm compensations. 

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