RIYADH — The Saudi Central Financial institution (SAMA) has highlighted 9 important factors that beneficiaries ought to perceive earlier than signing an insurance coverage contract, aiming to boost shopper consciousness and safety.
SAMA confused the significance of verifying that the service supplier is licensed to function in Saudi Arabia, noting that insurers might provide providers via third events similar to insurance coverage brokers, who should adjust to laws that defend purchasers’ pursuits.
It additionally emphasised the necessity to perceive pricing and prices, as insurance coverage corporations are required to observe SAMA-approved pricing frameworks, whereas brokers should present the most effective out there provides and clearly justify their suggestions.
Among the many key issues is the insurance coverage protection interval, throughout which policyholders are entitled to advantages, with SAMA advising purchasers to make sure well timed renewal to keep away from shedding protection.
The central financial institution urged prospects to rigorously overview the phrases and circumstances of insurance policies, ask about unclear clauses, and request a duplicate of the contract for future reference. It additionally highlighted the significance of understanding protection limits, exclusions, and non-compulsory add-ons, similar to extra advantages supplied at further value.
SAMA mentioned insurers should clearly clarify the rights and tasks of each events, whereas prospects ought to guarantee they absolutely perceive their obligations beneath the contract.
It additionally referred to as for readability on claims procedures, together with required paperwork and causes for potential declare rejections.
Lastly, insurance coverage suppliers are required to reveal their contact particulars and provide clear channels for submitting complaints or inquiries, making certain transparency and accountability in service supply.
