The insurance business operates based on a set of basic principles, most notably the principle of utmost good faith from all insurance process-related parties. However, the fraud by any party may occur and affect the other parties.
Fraud is an act committed to obtain illicit benefits by any of the insurance company’s representative, the service provider, or the customer himself.
To combat this negative act, SAMA issued the fraud control regulation that identifies forms of fraud, anti-fraud standards, typical fraud detection indicators, and procedures that insurance companies must take to prevent fraud and protect customer rights.
The types of fraud, its impact, methods of detection, and reporting mechanisms vary from one insurance operating sector to another. In order to limit such practices and establish integrity, Solutions Insurance Broker has created this section to facilitate the reporting of fraud practices.
