The Saudi Central Bank (SCB) has announced updating some articles of the Central Bank of Saudi Arabia, updating some articles of Uniform Compulsory Vehicle Insurance Policy (the "Policy") currently in force.

This step comes as part of the Central Bank's ongoing efforts to develop the insurance sector and protect the rights of insured persons and beneficiaries of insurance coverage, and the powers assigned to it under the Cooperative Insurance Companies Supervision Law.

The amendments to the policy included amending the annexes and some of the definitions contained therein to keep pace with the developments in the insurance industry, in addition to updating the exclusions and recourse cases. The amendments to the policy also included the option to repair the vehicle instead of cash compensation for traffic accident victims, as part of the Saudi Central Bank's efforts to develop and facilitate the settlement procedures for traffic accident damage claims and preserve the rights of insured persons and beneficiaries of insurance coverage.

The amendments to the policy include the option to repair the vehicle instead of cash compensation for victims of traffic accidents, as part of the Saudi Central Bank's efforts to develop and facilitate the settlement procedures for traffic accident damage claims and preserve the rights of insured persons and beneficiaries of insurance coverage <The unified document can be found in the <a style="color: #993300;" href="https://amlak.net., by visiting the Central Bank.