Dr. Fahad bin Abdullah Al-Mubarak, governor of the Saudi Central Bank, speaking for himself and on behalf of SAMA's employees, expressed deepest and sincerest gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Deputy Premier and Minister of Defense, for the cabinet approval to the amendment  of some Articles of the Cooperative Insurance Companies Control Law, under Royal Decree No A/32 dated 02/06/1424H.

H.E Al-Mubarak stated that this approval came as part of relentless efforts towards ensuring the sustainability and stability of the financial sector, enhancing the financial status of insurance companies, and improving oversight and control within the insurance sector. These amendments shall strengthen the Central Bank's ability to preserve the rights of policyholders, beneficiaries and investors.  After comparing the previous System with the best practices adopted by the G20 Nations and other countries leading in the field of insurance, and reviewing the main guidelines issued by the International Association of Insurance Supervisors which defines the general standards for insurance supervision, these were the amendments that were deemed necessary for implementation. Hopefully, this initiative shall improve the levels of governance and compliance within insurance companies operating in the Kingdom, thus increasing their overall productivity and contribution to the national GDP.

H.E also stated that these amendments to the law will support an enabling environment for the insurance sector in line with the Goal of the Kingdom's Vision 2030, encourage innovation and creativity in insurance products and services, provide insurance companies with a chance to improve customer experiences and raise insurance awareness, which ultimately have a positive impact on the ability of individual and companies to tackle risk management.