RIYADH — The Insurance Authority kicked off its operations on Thursday, marking a significant milestone as it transitions into an independent regulatory body for the insurance sector.
This development follows the enactment of regulations outlined in Cabinet Decision No. 85, dated 28 Muharram 1445H (15/08/2023). With a mission to enhance efficiency and stability, the Authority is poised to align its efforts with the ambitious goals of Saudi Vision 2030 and the vision of the wise leadership.
Chairman of the Board of Directors Abdulaziz Al-Bouq outlined the Authority's key objectives. These include the comprehensive regulation and supervision of the Kingdom's insurance sector, safeguarding the rights of policyholders and beneficiaries, establishing robust principles for insurance contractual relationships, promoting innovation in insurance products, and fostering greater awareness of insurance practices.
Al-Bouq reassured stakeholders that the Insurance Authority is committed to fostering competitiveness, a commitment expected to elevate the quality of services and create an appealing investment environment. Moreover, the Authority aims to bolster the role of the insurance sector in the national economy, contributing significantly to its growth and development.
Importantly, existing regulations, rules, and instructions pertaining to the insurance sector will remain in force until the Authority issues further directives. This continuity ensures that ongoing insurance documents and claims remain unaffected, with existing channels and operations operating seamlessly under the relevant regulatory provisions.
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