Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, has told insurance companies to include an additional condition that requires shops install security cameras, before insurance policies are issued or renewed for the stores, Alriyadh newspaper reported, citing an official decree.
Non-compliant insurance firms will be subject to regulatory actions.
SAMA, which is also the insurance market regulator, seeks to boost precautionary measures at insured shops to help spot irregularities and settle the related claims, said Hisham Ahmed Tashkandi, acting director general-insurance control at SAMA.
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