IA seeks public feedback on draft insurance law

Logo of Insurance Authority

The Insurance Authority (IA) put forth the draft insurance law for public consultation via the Istitlaa platform until July 22.

The draft bill aims to achieve the stability and growth of the insurance sector, as well as stimulate investment therein, and contribute to financial stability.

This is in addition to protecting the rights of policyholders, insured persons, and beneficiaries, according to the authority.

It also seeks to promote, regulate, and ensure fair competition among industry players, while strengthening stakeholders’ confidence in the local insurance sector.

This is besides establishing and upholding the principles and pillars of the contractual insurance ties, in addition to exercising effective supervision and oversight to ensure justice and transparency within the insurance sector.

Moreover, it aspires to support the sector’s innovation and digital transformation, including training and localization initiatives, the authority added.

IA indicated that the provision of the law will apply to all insurance and reinsurance operations, and any individual exercising any of the insurance or reinsurance activities within the Kingdom.

Draft Insurance Law