Insurance Authority assumes health insurance responsibilities as of today

Logo of Insurance Authority (IA)

The Insurance Authority (IA) took over the responsibilities of health insurance from the Council of Cooperative Health Insurance as of today, March 4.

This signifies the culmination of the authority’s role designated since it commenced operations on Nov. 23, 2023, according to a statement picked up by Argaam.

The IA is committed to achieving its fundamental objective as the exclusive regulatory entity responsible for regulating, supervising and overseeing the insurance sector in the Kingdom.

Naji Al-Tamimi, the authority’s CEO, highlighted that consolidating the reference point for the insurance sector and all its activities under the authority is part of its forthcoming plans, which are designed to cultivate a promising and sustainable insurance sector in accordance with the highest international standards.

The overarching aim is to extend insurance protection to all, foster an attractive environment for both local and foreign investments and promote competition within the insurance sector. This will in turn lead to enhanced services, a broader array of insurance products, and an increased contribution of the insurance sector to the non-oil GDP.

Existing insurance policies or claims will remain unaffected. The current regulations and rules will persist, ensuring that health insurance beneficiaries will continue to receive their entitlements as per the existing regulations, Al-Tamimi underscored. No alterations will be made to the terms and conditions of existing insurance policies, he added.

Regarding complaints and claims, the CEO clarified that those related to health insurance will be addressed by the IA starting today. Existing complaints and claims will be duly handled, while new ones will be processed through the IA's channels.

According to data available on Argaam, the IA commenced operations 90 days after the issuance of the IA’s regulations on Aug. 25, 2023.