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DAMMAM — Saudi Arabian Monetary Authority (SAMA) has urged insurance companies to expedite procedures for the payment of compensation to road accident victims including vehicle owners.
SAMA also urged insurance companies to deal with accident damage assessment centers that are authorized by the Saudi Authority for Accredited Valuers (Taqeem) and ask them to link electronically with insurance firms.
SAMA, the insurance regulator in the Kingdom, has signed an agreement with insurance service providers in this respect.
Taqeem will set out standards to establish damage evaluation centers and estimate damages caused to vehicles as a result of the accidents, following international standards. The move is significant as authorities have noticed considerable discrepancies in estimates provided by different evaluation centers.
The new authority will provide training to evaluators, give them accreditation certificates, and monitor their performance. “Taqeem will also set out a detailed program to classify and approve vehicle maintenance centers and workshops in the country,” an official statement said.
The new agreement aims at achieving a high degree of coordination between Taqeem and SAMA in supervising estimates for vehicles damaged in road accidents.
“It will also improve the standard of professionalism in this vital sector,” an informed source told Al-Madina Arabic daily.
“The move will ensure protection of the rights of all parties involved, including evaluation centers, workshops and insurance firms,” the source added.
Meanwhile, Taqeem is in the process of launching a major project for the benefit of the general public, the source said, adding that it would enable people to understand the prices of new and used cars easily and prevent disparity in prices.
“The authority has set out a program to estimate vehicles damaged in road accidents, the source said, adding that the program is linked with the Traffic Department, workshops, spare parts importers and suppliers and insurance companies.
© The Saudi Gazette 2017
