The Saudi Arabian Monetary Authority (SAMA) signed a cooperation agreement with the Saudi Authority for Accredited residents on Tuesday 24/5/1438 AH at the headquarters of the institution in Riyadh. This cooperation is meant for the organizing of the profession of evaluating vehicles and assessing the damages of vehicles accidents in the Kingdom. The agreement signed by Mr. Ahmed Al Sheikh, Deputy Governor for Supervision, on the part of the Commission, Professor Essam Al-Mubarak, Secretary General.
This agreement aims to achieve a high degree of coordination between the two parties in the field of supervision and control over the profession of evaluating vehicles and assessing the damages of vehicles accidents in the Kingdom, through the development and organization of this sector, in addition to balancing and preserving the rights of all parties concerned with vehicle accident damage from the insured, assessment centers, residents and workshops Auto repair and insurance companies.
Under the agreement, the authority sets standards for establishing vehicle evaluation centers and assessing the damages of their accidents in accordance with international standards, and implements qualification and certification programs for practitioners of the profession. The authority will monitor the professionalism of their outputs. For its part, SAMA will oblige insurance companies to deal with vehicle accident damage assessment centers approved by the authority, and obligate all companies to connect electronically with the authority's electronic systems.
According to the agreement, the authority will immediately start developing the current damage assessment centers in Riyadh as a first stage until the transition to the advanced transitional phase is completed. It will also start implementing a detailed program for classification and accreditation of vehicle maintenance and repair centers and workshops in the Kingdom, which will start work before the end of 2017.
In this regard, Ahmed Al Al-Sheikh stated, "This agreement comes within the framework of the SAMA's keenness to protect the rights of the insured and the beneficiaries of insurance, and urges insurance companies to provide the best services to their clients. There is no doubt that the presence of professional persons qualified to assess damages according to technical standards and an integrated electronic system with The presence of classified and certified vehicle maintenance and repair centers will contribute to achieving this.
Essam Al-Mubarak said: "We are happy in the authority to sign this agreement, which undoubtedly will have a great role in organizing the profession of assessing vehicle accident damage and qualifying practitioners according to scientific standards. It will also contribute to encouraging the participation of the private sector in establishing accident damage assessment centers according to well-known technical standards. This will raise the level of professionalism, God willing, enhance transparency, positively affect quality and improve the confidence of the beneficiaries of the providers of these services in the Kingdom.