The Saudi Arabian Monetary Authority (SAMA) issued, today Feb. 5, the draft rules governing bancassurance activities in the Kingdom, welcoming interested parties, experts and stakeholders' observations and comments for 14 days.
These rules aim to expand the scope of distribution and marketing of insurance products through banks, in order to facilitate the access of customers to all required products in one place, the authority said in a statement on Wednesday.
They also aim to regulate the practices of bancassurance, as well as the relation between insurance companies and banks.
In addition, bancassurance rules will pave the way for ensuring the access of insurance products to rural areas, and raising awareness about bank saving and insurance-related products
SAMA seeks to develop the insurance industry and enhance its contribution to the national economy.
The central bank invited the public, specialists and those interested in the draft rules governing bancassurance activities, to provide their views and comments no later than Feb. 19, by email IC.Pol@SAMA.GOV.SA
The draft rules can be accessed through this (link).
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