23 April 2025
The
Insurance Authority signed a cooperation agreement with the Saudi Authority of
Accredited Valuers “TAQEEM” aiming to elevate the regulation, develop the
vehicle damage assessment sector, enhance service quality, and enrich the
overall beneficiary experience while supporting national development goals.
The
agreement was signed by H.E. Eng. Naji Al-Faisal Al-Tamimi, CEO of the
Insurance Authority and H.E. Eng. Faisal bin Badr Al-Mandeel, CEO of TAQEEM.
The
collaboration highlights both sides’ commitment to combining efforts and
sharing expertise to enhance quality and efficiency. It also supports each in
reinforcing their regulatory roles, with the Insurance Authority supervising
the insurance sector across the Kingdom and TAQEEM overseeing and regulating
the valuation profession, including vehicle damage assessment.
The
agreement outlines several areas of cooperation, most notably: the development
and expansion of valuation services, strengthening joint oversight to reduce
violations, coordinating related activities between both parties, and launching
future-focused initiatives that serve the needs of both sectors.
Commenting
on the agreement, H.E. Eng. Naji Al-Tamimi stated that the agreement aligns
with the Insurance Authority's ongoing efforts to regulate, develop, and
safeguard the rights of policyholders' rights and improve service quality in
line with the objectives of Saudi Vision 2030. He added that this partnership
will contribute to protecting policyholder rights in the vehicle insurance
sector by reinforcing the regulation of vehicle damage assessment. He also
expressed optimism that this cooperation will benefit the beneficiaries and
stakeholders while supporting the development of this vital sector's working
environment.
H.E.
Eng. Faisal Al-Mandeel affirmed that “this partnership with the Insurance
Authority is a strategic step toward advancing the TAQDEER ecosystem, improving
the efficiency of the vehicle damage assessment sector, and enhancing
beneficiaries' trust in the services provided. At TAQEEM, we are committed to
strengthening partnerships and activating our regulatory roles in collaboration
with relevant entities to achieve our mutual goals”.
It
is worth noting that the agreement extends for three years and is renewable. It
includes a clear implementation mechanism through the formation of joint
working teams, structured information sharing, and a commitment to the highest
standards of governance and information confidentiality.