The Saudi Arabian Monetary Authority (SAMA) announced that it had directed the insurance companies to provide the service of viewing the entitlement for the vehicle insurance discount to customers. This was implemented through the "Ahqiya" service available on Najm's website www.najm.sa. This comes in light of SAMA's role in developing the insurance sector and protecting the rights of the insured, and making it easier for the insured who want to know what their insurance record contains from a discount on motor insurance based on the insurance claims record with the insurance companies.
Dr. Ahmad Al-Kholifey, Governor of the Saudi Arabian Monetary Authority, confirmed that SAMA had previously issued a number of circulars and instructions to emphasize the need to raise the level of services provided to insurance policy holders and beneficiaries of insurance coverage, protect their rights, and fairly pricing the products provided to them. It also directed insurance companies when pricing Vehicle insurance documents for individuals last April to provide a discount to the owners of the record with free of claims up to (30%) of the insurance value and a loyalty discount of (10%).
Al-Kholify pointed out that SAMA aims, behind this procedure, to achieve more clarity and transparency by enabling the person who intends to purchase the insurance policy to see the percentage of deduction due and to ensure the accuracy of the information provided. This to give the chance for requesting inaccurate information to be corrected and updated when necessary, and it also helps in Enabling the largest number of insurance applicants to benefit from the no-claims discount for vehicle insurance and motivating those who are committed to safe driving to continue to insure their vehicles.
SAMA also called on the public to know their rights and use the "the service" to know the discount due, and to file a complaint with the Client Protection Department in case they are exposed to any unfair practice from the insurance companies, through its website www.sama.gov.sa or by calling Toll Free 8001256666.