SAMA updates unified compulsory motor insurance policy

Headquarters of Saudi Central Bank

The Saudi Central Bank (SAMA) updated the unified compulsory motor insurance policy, it said in a statement.

The amendments include the policy definitions and appendixes in accordance with the ongoing developments of the insurance industry, as well as updating the exceptions and transferring some of the rights of recovery cases.

Furthermore, the amendments allow for an option where the third party is entitled to choose between direct cash compensation or getting the damaged vehicle repaired.

The update comes as part of SAMA's endeavor to efficiently develop and facilitate traffic claim settlement procedures and to protect the rights of the parties of the insurance contract.