IA proposes cutting processing time for covered individual claims to 5 days

The Insurance Authority (IA) proposed a draft amendment to Article 44 of the Executive Regulations of the Cooperative Insurance Companies Control Law, and is seeking public feedback by December 8, 2025.

The authority said that the amendment aims to reduce the time taken to settle individual claims to no more than 5 days and to separate the processing period from the settlement period.

The move also includes the possibility to exclude certain products when required by the public interest or the nature of the product, thereby ensuring flexibility in application, protection of beneficiaries, and stability of the sector.

The proposed amendment aims to speed up settlement processes, stimulate digital transformation in insurance companies, and improve the behavior of the insurance sector.