SAMA answers questions on potential insurance authority

The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved the establishment of an Insurance Authority.

The Governor of the Saudi Central Bank (SAMA), Ayman Mohammed Al-Sayari, said setting up the insurance authority will boost the efficiency of the insurance sector and increase its contribution to the gross domestic product (GDP).

The new independent entity will also help develop the insurance industry and create well-established insurance institutions.

It will also work to develop the insurance sector by providing the appropriate environment and ensure that the interests of beneficiaries and policyholders are not affected, the governor said.

The new entity, which will commence operations 90 days after the Cabinet resolution, will assume the insurance-related authorities, which were previously claimed by SAMA as well as the Saudi Council of Health Insurance (CHI).

Source : Argaam