Sector Overview
Insurance policies typically contain exclusion clauses defining cases coverage doesn't extend to, and companies need to review these clauses carefully before contracting rather than after an incident occurs.
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Insurance companies themselves are subject to direct Saudi Central Bank oversight, and need ongoing compliance with governance and financial solvency standards required of them.
Regulatory Framework
This sector falls under Saudi Central Bank regulations overseeing the insurance sector, which govern insurance company operations and policyholder rights.
How We Work With This Sector
The lawyers review policies and their terms precisely to determine the extent coverage applies, whether the lawyers represent the policyholder or insurance company.
Who We Work With in This Sector
Companies contracting for new insurance policies needing them reviewed to confirm adequate coverage.
Insurance companies needing ongoing compliance with Saudi Central Bank regulations reviewed.
Some commercial insurance policyholders review exclusion clauses only after an actual claim is denied, when these clauses were clearly present in the policy since signing. Reviewing these clauses before contracting offers an opportunity to negotiate amending them or excluding a particular exclusion that doesn't suit the nature of the company's activity, an opportunity lost once the final policy is signed.
Related Services for This Sector
This connects directly with the insurance law service.
For insurance companies themselves, this connects with the banking and finance law service given the shared regulatory oversight.
Common Questions
Why do insurance companies deny some claims?
Often based on an exclusion clause in the policy, and the lawyers review these clauses to assess the validity of denial grounds.
Do you also represent insurance companies?
Yes, the lawyers provide the services to both parties, policyholders and insurance companies, based on the nature of the matter.