The Central Bank of Saudi Arabia launches an update to the unified policy for compulsory vehicle insurance

The Central Bank of Saudi Arabia announced the update of some of the articles of the unified policy for compulsory vehicle insurance, the “Al Watheqa” currently in force.

The Central Bank said that this step comes as part of the continuous efforts to develop the insurance sector, protect the rights of the insured and the beneficiaries of insurance coverage, and the powers assigned to it under the Cooperative Insurance Companies Control Law.

And the Central Bank of Saudi Arabia indicated that the amendments to the document included amending the annexes and some of the definitions contained therein in line with developments in the insurance industry, in addition to updating the exceptions and cases of recourse, according to the Saudi Press Agency, “SPA”.

He added that the amendments to the document included providing the option to repair the vehicle, instead of cash compensation for those affected by traffic accidents, 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.

To view the unified policy for compulsory vehicle insurance:

Unified compulsory vehicle insurance policy