The Saudi Arabian Monetary Agency previously announced the suspension of the activity of 9 insurance companies for not complying with all the legal requirements and instructions related to the practice of the insurance activity, as well as for not responding to letters from the institution to correct their conditions. Therefore, clients of insurance companies must know and exercise their rights guaranteed by the institution.
Your rights with insurance companies
Deal with credibility
Insurance companies must deal with credibility by meeting their financial and legal obligations in accordance with relevant rules and regulations, and by providing special services to their clients, especially those with limited incomes, the elderly, and people with special needs of both genders.
Transparency and clarity
Disclosure of all the rights and obligations of each party in the insurance relationship, and provide a detailed explanation of the information related to the insurance product or service, such as premiums, commissions, types of risks and the characteristics of the insurance policy.
Educate customers
Carry out various initiatives and educational programs to raise awareness and spread the insurance culture among its current and future clients to help them understand risks and make sound decisions that satisfy their financial and insurance aspirations.
Professional in dealing
Employees of insurance companies must adhere to instructions and deal professionally with clients in a manner that suits their insurance interests.
Nondiscrimination
Insurance products and services must be provided to clients of insurance companies without discrimination of race, gender or religion.
Fraud protection
The insurance company is primarily responsible for the interests of clients and beneficiaries, so the insurance company is obliged to apply the highest security standards to monitor insurance operations and protect them from fraud or illegal use.
Maintain the confidentiality of customer information
Protect clients' financial, personal and insurance information and use them for specific professional purposes and with the client's approval, and not disclose that information to any other party without the prior permission of the institution, with the exception of the relevant authorities.
Handling complaints
Provide effective and easy-to-use means and methods for its clients to present their complaints, and allow the company to follow up and deal with complaints without delay in accordance with the rules, regulations and instructions issued by the institution and the relevant authorities.
Increase the degree of competition
Insurance companies must work to provide the best products and services with the highest quality and the lowest price in proportion to the needs of the market and the wishes of clients without prejudice to laws, regulations and instructions.
Obligation of service providers on behalf of the insurance company
Ensure the commitment of the contractors with the company to provide services on their behalf in a way that guarantees the interest of the clients. The insurance company is the main and main responsibility for monitoring and controlling the actions and procedures carried out by these bodies.
Conflict of interests
Establish a written policy on conflicts of interest, specifying the necessary procedures in case of any potential conflict of interest, while ensuring fair treatment with all clients and disclosing to their clients any possible conflict of interest between them and any other party, as required by applicable laws, regulations and instructions. .
Adequate resources
Employing skilled cadres and providing the financial and operational resources necessary to conduct its business and serve its customers efficiently in all regions of the Kingdom.
Comments
Post a Comment