Ensuring Equality Among Community Groups in Financing Products and Insurance Coverage for Financing Lease Contracts
| No: 391000078943 | Date(g): 28/3/2018 | Date(h): 12/7/1439 | Status: In-Force |
Translated Document
Based on SAMA's supervisory and regulatory role over the banking and finance companies' sectors and its commitment to ensuring that all community categories receive the financing services and products they need at a reasonable cost, fairly, and transparently, and without discrimination, based on Principle (5/1) of Banking Consumers Protection Principles and Principle (4/1) of Finance Consumer Protection Principles. And referring to SAMA's circular No. (T.A'.M/157/201803) dated 15/3/2018 G to all insurance companies regarding insurance coverage for the actual user in vehicle leasing and financing leasing, which prohibits all insurance companies engaged in vehicle insurance from denying insurance coverage in mandatory vehicle insurance or comprehensive insurance due to the age of the actual user of the financed leased vehicle.
Therefore, SAMA confirms that all banks and finance companies should not discriminate between customers based on the age of the actual user of the financed leased vehicle.