SAMA seeks public feedback on draft insurance financial technology rules

Logo of Saudi Central Bank

The Saudi Central Bank (SAMA) announced inviting the public to send their feedback on the draft insurance financial technology rules.

In a statement, the apex bank indicated that the move is part of its continued efforts to develop the insurance sector and keep pace with the developments in the insurance industry in general, and the insurance technology (FinTech) services in particular.

In addition, this reflects the bank's efforts to support and enable the FinTech businesses, which led to the emergence of several FinTech companies, along with the remarkable development of technology within insurance activity.

According to the statement, the draft rules aim to enable insurance FinTech practitioners to perform their work in accordance with a regulatory framework that ensures flexibility of commitment and stimulates innovation.

The rules are characterized by comprehensiveness to regulate the principles of insurance FinTech, as they aim to protect the rights of dealers with insurance FinTech practitioners and encourage fair competition for providing technical solutions and services, to consolidate, stabilize and develop the sector.

SAMA further stated that the rules include regulating several pillars, such as the provisions of practice and licensing, as well as the obligations of practitioners, including the commitments of the technical environment, the accuracy and preservation of customer information, as well as general business behaviors, such as preserving customer rights, control, and compliance.

The central bank looks forward, through the draft rules, to regulating the relationship between practitioners of insurance FinTech and their clients, to guarantee the rights of the relationship parties and provide appropriate services to the beneficiaries of the business .

The public can submit their feedback on the draft insurance FinTech rules within 30 days, which will be studied before adopting the final version.

You can review the draft insurance financial technology rules through the attachment below: