SAMA issues the "rules for collecting and exchanging insurance information for vehicles

3/30/2017 12:00 AM

Today, Thursday, Rajab 2, 1438 AH, corresponding to March 30, 2017 AD, the Saudi Arabian Monetary Authority (SAMA) issued the "Rules for the collection and exchange of insurance information for vehicles" that aim to regulate the process of collecting, preserving and exchanging insurance information necessary to improve the ability of insurance and / or reinsurance companies in the Kingdom to analyze the insurance risks associated with vehicles insurance. This includes as well maintaining the confidentiality of insurance information, raising the quality of insurance information in the insurance sector, and contributing to reducing insurance fraud. SAMA obligated insurance and / or reinsurance companies to apply these rules as soon as they are issued. The rules can be found here (link).
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