The Central Bank of Saudi Arabia recently announced the update of some articles of the unified policy for compulsory vehicle insurance, “Al-Wathiq”, which is currently in force. This step is part of the Central Bank’s continuous efforts to develop the insurance sector and protect the rights of the insured and the beneficiaries of the insurance coverage, and the powers assigned to it under the Cooperative Insurance Companies Control Law.
The amendments to the policy included amending the appendices and some of the definitions contained therein in line with developments in the insurance industry, in addition to updating exceptions and cases of recourse. This is based on the Saudi Central Bank’s endeavor to develop and facilitate procedures for settling traffic accident damage claims, and to preserve the rights of the insured and the beneficiaries of insurance coverage.
A new amendment to the policy allows for car repair instead of cash compensation for those affected by traffic accidents. This amendment is meant to provide a more practical solution for those who have been involved in traffic accidents and are in need of quick repairs.
The unified policy for compulsory vehicle insurance can be viewed by visiting the Central Bank’s website from the link: here.
