The Central Bank of Saudi Arabia (SAMA) instructed all insurance companies to resume the discount for vehicles when they were cut off from insurance for a period not exceeding 180 days and not less than 30 days, when reinsurance based on the insurance record, but the circular included canceling the discount rate for all vehicles during the period of interruption. .
And the circular indicated that in the event of an interruption for a period exceeding 180 days, the discount rate for the current insurance year for all vehicles will be cancelled, and the insured must build the insurance record again.
In the absence of a valid insurance policy or registration as a named driver for a period of more than 12 months, the discount rate will be canceled and the insurance record must be built again.
SAMA stressed that insurance companies maintain an insurance record for each insured and named driver as a basic reference for the deduction entitlement mechanism for all insured vehicles, with the insurance record not being affected by the occurrence of any of the cases that result in a temporary reduction of the discount rate.
And when dealing with the deduction mechanism upon the occurrence of a claim, in the event that the insured has one vehicle, the deduction rate will be reduced on the basis of the insurance year, and in the event that the insured has a number of vehicles, the deduction rate will be reduced on the basis of the calendar year, while the deduction rate will be reduced once One during the insurance or calendar year if there are many claims.
In a related context, the Central Bank (SAMA) obligated all insurance companies to upload vehicle insurance policies of all kinds (companies and individuals) to the system, so that the upload process coincides with the completion of the policy holder’s purchase, and in the event that the system rejects the document, it must be committed to correcting its data and re-uploading it immediately. .
SAMA instructed Najm Insurance Services Company to commit to immediately and directly upload all vehicle insurance policies of all kinds for “companies and individuals” on the system of the authority concerned with the electronic link with the Ministry of Interior as soon as they are received by the insurance companies, and in the event that the system of the concerned authority rejects the document, it must be committed to correcting Its data and re-uploading it immediately, and the system company must provide the Central Bank with a monthly report on the extent of its commitment and the commitment of insurance companies to upload the data of vehicle insurance policies.
Abdul Rahman Al-Misbahi (Jeddah) @ sobhe90