The Saudi Arabian Monetary Authority "SAMA" has announced the start of receiving opinions and suggestions of the public and those interested - in order to strengthen the principle of transparency and participation - regarding the development of the draft regulatory framework for comprehensive vehicle insurance; It aims to regulate the contractual relationship between the insured and the insurance companies.

                SAMA indicated that the regulatory framework is part of its constant endeavor to create an advanced and sustainable insurance environment that serves the insurance sector and its beneficiaries, and the development of the framework aims to unify the minimum requirements that must be met in the comprehensive insurance policy.

                SAMA added that the draft regulatory framework for comprehensive vehicle insurance guarantees the minimum basic insurance coverage, and a set 0f provisions and exceptions, the most important of which are: the absence of the depreciation amount in partial and total loss, the determination of the insurance value by agreement of the contracting parties, and the mechanism for applying the deductible amount, in addition to the maximum compensation limit, and the two coverage of road assistance and the alternative vehicle, and the preservation and transportation of the vehicle from the obligatory insurance coverage, in addition to requiring the insurance company to offer additional covers to the insurance applicant, namely (death, bodily injury, medical expenses for the insured or driver, and accidents that occur outside the territorial borders of the Kingdom ).

                The draft regulatory framework also allows the insurers companies to agree to increase coverage in a manner that fulfills the insured's desire and guarantees their rights, and imposes on the comprehensive insurance policy what reflects its name and its purchasing value.

                                SAMA invites the public and specialists to express their views and observations regarding the draft of the regulatory framework for comprehensive vehicle insurance "the framework" within (30) days, bearing in mind that all comments and observations will be subject to study for the purpose of approving the final version of creating the framework. The draft can be viewed through (link).