Insurance Authority Sets Vehicle Insurance Rules

The Insurance Authority has confirmed that the pricing of vehicle insurance in the kingdom is subject to strict regulatory standards to ensure the availability of fair and not inflated prices. It clarified that companies are required to base their product pricing on sound underwriting principles and actuarial foundations, so as not to lead to their losses or a dip in prices below technically acceptable levels. Additionally, prices must be based on reliable data and experience; reliance solely on other companies' prices is not permitted. Companies must also submit to the Authority the principles used to determine their pricing.

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