Saudi Central Bank launches consultation on insurance fintech rules

The central bank said its framework is designed to “stimulate innovation."

  
Saudi currency, riyal, is seen at a local currency exchange in Manama, Bahrain October 16, 2018. Image used for illustrative purpose

Saudi currency, riyal, is seen at a local currency exchange in Manama, Bahrain October 16, 2018. Image used for illustrative purpose

REUTERS/ Hamad I Mohammed
RIYADH: The Saudi Central Bank (SAMA) has invited the public to submit feedback on its draft insurance financial technology rules.

The new regulations aim to allow insurance FinTechs to work within a regulatory framework that “keeps pace with developments in the insurance industry in general, and insurance technology services in particular,” SAMA said in a statement.

The guidance covers such features as encouraging fair competition, obligations for practitioners, the accuracy and preservation of customer information as well as other consumer rights.

The central bank said its framework is designed to “stimulate innovation."

Members of the public have until Nov. 16 to send in feedback on the draft insurance fintech rules, after which SAMA will adopt its final guidance.

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