SAMA directs insurers to settle payments online from January

22/11/2017 Argaam

Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance market regulator, has ordered all insurers to settle payments related to insurance and reinsurance services through online channels, effective as of next January.

 

The central bank has banned all insurance providers from making payments in cash, Riyadh daily Al Jazirah newspaper has reported, citing unnamed sources.

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