RIYADH — Saudi Central Bank (SAMA) has announced the implementation of the Revised Comprehensive Motor Insurance Rules, marking a significant step in ongoing efforts to regulate the insurance sector and safeguard the rights of beneficiaries.
The updated rules aim to broaden insurance coverage by including relatives, private drivers, and sponsorees of the insured.
Notably, the amendment refines the scope of coverage to individual clients, offering corporate clients increased flexibility to tailor insurance coverages and benefits based on their specific requirements.
Prior to implementation, the draft amendment underwent a transparent review process. It was published on the National Competitiveness Center's Public Consultation Platform, allowing stakeholders and the public to contribute their perspectives and comments.
The Amended Comprehensive Motor Insurance Rules are readily accessible on SAMA's official website, providing comprehensive details for insurers, clients, and interested parties.
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