Insurance Authority commences operations

SAMA's headquarters 

The Insurance Authority (IA) commenced operations 90 days after the publication of the Regulation of the Insurance Authority on Aug. 25.  

IA aims to regulate and oversee the Saudi insurance sector to support it and enhance its efficiency. It also raises insurance awareness and protects the rights of the insured and beneficiaries. 

The Authority seeks to enhance the stability of the insurance sector, contribute to fiscal stability, develop the insurance industry, and establish principles for insurance contractual relations.  

The Saudi Central Bank (SAMA) aspires that IA will build on its endeavors to develop the insurance sector by enabling the appropriate legislative and monitoring environment to create strong insurance entities that are able to grow and compete, Governor Ayman Al-Sayari said.