Tuesday 14, August 2018 by Kudakwashe

SAMA warns against dealing with unlicensed insurance providers

 

The Saudi Arabia Monetary Authority (SAMA) urged citizens and residents to deal only with licenced insurance companies that are listed on its website.

  

SAMA has warned against dealing with insurance companies, which may lead to the denial of insurance claims, according to local newswire, Saudi Press Agency.

In a statement, SAMA said that the warning follows some irregular practises by a number of unlicensed parties, including service offices, car dealers as well as street vendors that practise different forms of fraud when issuing compulsory vehicle insurance policies to customers.

The unprofessional practises have led to failure to obtain actual prices provided by insurance companies and provision of false data, which might lead to the cancellation of the insurance policy.

  

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