“Cash” requires insurance companies to return unexpired sums to the insured within 3 days upon cancellation
“Cash” requires insurance companies to return unexpired sums to the insured within 3 days upon cancellation
“Cash” requires insurance companies to return unexpired sums to the insured within 3 days upon cancellation
The Saudi Arabian Monetary Agency (SAMA) instructed insurance companies to return the amount due for the unexpired period of the insurance policy to the insured within 3 days instead of 15 days from the date of the company’s knowledge in the event that the insured wishes to cancel the policy.
Al-Eqtisadiah newspaper stated that this came in a circular sent by the Saudi Arabian Monetary Agency to insurance companies, in which it emphasized the amendment of the eighth paragraph of the unified insurance policy for compulsory vehicle insurance.
She indicated that the Monetary Agency confirmed that if the insured wishes to cancel the insurance, he must return the policy to the company attached to the cancellation request, and the company is obligated to pay the proportional part of the subscription for the unexpired period of the insurance policy within 3 working days.
