The Central Bank (SAMA) has obligated all insurance companies to upload vehicle insurance policies of all types (companies and individuals) to the system, so that the upload process coincides with the completion of the policy holder’s purchase, and in the event that the system rejects the policy, it must be committed to correcting its data and re-uploading it immediately. SAMA instructed Najm Insurance Services Company to commit to immediately and directly upload all vehicle insurance policies of all kinds for “companies and individuals” on the system of the authority concerned with the electronic link with the Ministry of Interior as soon as they are received by the insurance companies, and 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 commitment and the commitment of insurance companies to upload the data of vehicle insurance policies.
The Central Bank had prevented all insurance companies from technically linking with any electronic platform without obtaining a prior non-objection from the Central Bank, while obligating companies linked to electronic platforms to review their legal status and submit to the Central Bank for correction.
The bank stressed on insurance companies not to provide any electronic platform with any data or information related to insurance business before obtaining a prior no-objection 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. .
Abdul Rahman Al-Misbahi (Jeddah) @ sobhe90