The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved the establishment of the Insurance Authority.
Umm Al-Qura newspaper published on Aug. 25 the details of the Insurance Authority regulations, which aim to regulate, oversea and control the Kingdom's insurance sector. They also aim to support and enhance the sector's effectiveness, develop insurance awareness, and protect the rights of the insured persons and beneficiaries.
Under the regulations, the authority enjoys a public legal personality as well as financial and administrative independence. It is organizationally linked to the Prime Minister. In addition, the authority will be headquartered in Riyadh, with branches in the Kingdom.
Furthermore, the authority aims to stabilize the insurance sector, contribute to its financial stability, as well as consolidate the principles of the insurance contractual relationship.
The authority will also develop the national strategy for the insurance sector and submit it to complete the regular procedures.
It will develop general policies, plans and programs related to the insurance sector, in addition to proposing draft regulations related to the authority's competencies.
Moreover, the authority will contribute to encouraging investments in the insurance sector in coordination with the relevant authorities.
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