The General Secretariat of the Committees for Resolution of Insurance Disputes and Violations celebrated the official introduction of the Resolution- 'Solh' Center for the settlement of insurance disputes under the sponsorship of Dr. Ahmad Al-Kholifey, Governor of the Saudi Arabian Monetary Authority (SAMA). The Solh center aims to provide alternative solutions to disputes arising from vehicle insurance contracts through providing the opportunity to apply for reconciliation in claims filed by individuals against insurance companies in disputes worth no more than fifty thousand riyals, and in accordance with the controls specified in the procedures governing reconciliation and settlement, as well as contributing to the enhancement of confidence in the insurance sector by working on the fulfillment of rights resulting from the exercise of its activity.
On this occasion, SAMA Fahad Al-shathri, Deputy Governor for Supervision, welcomed the attendance at the inauguration ceremony of the Solh Center for Insurance disputes at the General Secretariat of The Committees. He also thanked the insurance companies for joining the Center and the secretary General as well as colleagues in the General Secretariat of the Committees for their efforts. He stressed that SAMA out of its supervisory role is keen 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.
Al-shathri stressed that working to speed the processing and settlement of insurance claims and abide by all the considerations and regulation of the system is a priority that must be achieved, 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 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.
For its part, The General Secretariat of the Committees for Resolution of Insurance Disputes & Violations explained that the request for reconciliation is one of the alternative means of resolving the insurance disputes, which is featured by the possibility of finishing all its procedures electronically without the need to review any of the headquarters of the General Secretariat of the Committee by requesting the service online through the website: www.idc.gov.sa. This service is aimed at a wide range of insureds and beneficiaries of insurance coverage. The Solh Centre in accordance with specific regulations is competent to receive and process applications for reconciliation and settlement resulting from vehicle insurance contracts. These claims represent the largest proportion of all claims before the insurance committees. This service is an alternative method of litigation that contributes to the facilitation of obtaining the needed compensation arising from vehicle insurance policies.
According to the General Secretariat of Committees, the use of the reconciliation service requires the existence of specific controls, namely, that the case be filed by an individual against an insurance company who is a member of the Solh Center for Insurance Disputes, the dispute must worth no more than 50 thousands riyals, claims shall not be for bodily injury, and shall be submitted within one year from the maturity date of the compensation. Besides, the Solh center entails any party to insurance disputes to resort to the center to benefit from the service in claims arising from all other insurance policies. The center shall receive and review such applications and complete processing them as soon as they are accepted in accordance with the procedures governing the approved reconciliation.
The General Secretariat of the Committees affirms its continued commitment to developing its services and harnessing its various potentials which contributes to the fast settlement and handling of insurance claims and the protection of the rights of all parties in order to achieve the aspirations and objectives of the Kingdom's Vision 2030 that seeks to develop the insurance sector and increase its efficiency to meet and address the various challenges facing its growth and stability.