Riyadh – The Saudi Arabian Monetary Authority (SAMA) announced updating actuarial regulations of insurance and reinsurance companies, according to a statement on Wednesday.
SAMA called upon the general public and interested parties to enhance the principle of transparency and participation and provide their comments and views on the draft project.
SAMA mentioned in its statement that the insurance sector is one of the most important financial sectors targeted by the Kingdom's Vision 2030, as a supportive sector for the economic growth, not to mention the rapid development in the two aspects; the technical point of view and customers’ needs. Thus, risk management procedures and statutory legislation need to be developed to meet the requirements of the insurance industry; noting that to achieve these objectives, the actuarial business of insurance and reinsurance companies has been updated.
Moreover, the authority explained that the actuary is a main pillar in the work carried out by insurance and reinsurance companies, playing a vital role in the design and pricing of products, in addition to work on financial reports and risk management and internal audit.
The aim is to update the actuarial business controls for Insurance and reinsurance companies to support the growth of the actuarial profession to ensure its effective participation in the prosperity and strengthening of the financial strength of the insurance sector.
SAMA is also looking through these controls to protect policyholders and develop and regulate the performance of actuaries, which can reflect positively on the insurance industry in the Kingdom to be able to respond to the requirements of the market and economic expansion, in addition to the development of promising career and professional opportunities for our young graduates.
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