Riyadh – Saudi Arabia plans to establish Insurance Authority in line with its Vision 2030 objectives that aim to boost the insurance sector.
The decision was approved by Crown Prince Mohammed bin Salman Al Saud during the Cabinet session that was held at Al Salam Palace in Jeddah on 16 August 2023, according to the Saudi Press Agency (SPA).
Adel Al Eisa, Media Spokesman for Insurance Companies in Saudi Arabia, said: “The independent entity will help to raise greater awareness of the importance — and value — of quality insurance products, services, and solutions.”
Al Eisa underlined that the authority seeks to protect the rights of policyholders as well as beneficiaries, ensure the stability of the insurance sector, and reinforce financial stability. It will also enhance the capacity of local insurance companies, which will increase the Saudi insurance sector’s contribution to the gross domestic product (GDP).
Meanwhile, the Insurance Authority will team up with relevant entities, such as the Saudi Central Bank (SAMA) and the Council of Health Insurance, to ensure the continuity of the sector's operation.
The collaboration will enable the authority to create a regulatory environment that serves the entities operating within the sector and the beneficiaries of their services.
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