SAMA directive to upload vehicle insurance policies immediately after purchase
The Saudi Central Bank (SAMA) has directed that it is mandatory on the part of all insurance companies to upload vehicle insurance policies of all types, including that of companies and individuals, to their computer system, so that the upload process coincides with the completion of the policy holder’s purchase. In the event that the system rejects the policy, the insurance companies must be complied with correcting their data and re-uploading it immediately.
SAMA instructed Najm Company for Insurance Services to comply with uploading immediately and directly vehicle insurance policies of all kinds for companies and individuals on the system of the authority concerned with linking electronically with the Ministry of Interior as soon as they are received by the insurance companies.
In the event that the system of the concerned authority rejects the document, it must be committed to correcting its data and re-uploading it immediately, and the system company must provide the Central Bank with a monthly report on the extent of its compliance and the commitment of insurance companies to upload the data of vehicle insurance policies.
SAMA had prevented all insurance companies from technically linking with any electronic platform without obtaining a prior non-objection certificate from the Central Bank. It also made mandatory on the part of the companies linked to electronic platforms to review their legal status and submit it to the Central Bank for rectification.
SAMA stressed that insurance companies should not provide any data or information related to the insurance business to any electronic platform before obtaining a prior no-objection certificate from the Central Bank, in addition to adhering to all legal procedures before linking or exchanging data or information with any platform licensed or authorized by the Central Bank.
In the event that the system of the concerned authority rejects the document, it must be committed to correcting its data and re-uploading it immediately, and the system company must provide the Central Bank with a monthly report on the extent of its compliance and the commitment of insurance companies to upload the data of vehicle insurance policies.
SAMA had prevented all insurance companies from technically linking with any electronic platform without obtaining a prior non-objection certificate from the Central Bank. It also made mandatory on the part of the companies linked to electronic platforms to review their legal status and submit it to the Central Bank for rectification.
SAMA stressed that insurance companies should not provide any data or information related to the insurance business to any electronic platform before obtaining a prior no-objection certificate from the Central Bank, in addition to adhering to all legal procedures before linking or exchanging data or information with any platform licensed or authorized by the Central Bank.