Pursuant to the Cooperative Insurance Companies Control Law issued by Royal Decree No. M/32 dated 2/6/1424H amended under Royal Decree No. M/30 dated 27/5/1434H, corresponding to 8/4/2013; its Implementing Regulation issued by decision of H.E. the Minister of Finance No. (1/596) dated 1/3/1425H, corresponding to 20/4/2004; and the High Order No. (3120/MB) dated 4/3/1426H, permitting the operation of branches of foreign insurance and/or reinsurance companies in the Kingdom of Saudi Arabia, SAMA has published Draft Rules of Licensing and Operation of Branches of Foreign Insurance and/or Reinsurance Companies in Saudi Arabia for public and stakeholder consultation, in order to improve transparency and public involvement. This step comes in line with the importance of insurance sector in strengthening the national economy and the economic development the Kingdom is witnessing, under Vision 2030.
SAMA is inviting the public, experts, and stakeholders to submit their views and comments on the Draft Rules of Licensing and Operation of Branches of Foreign Insurance and/or Reinsurance Companies in the Kingdom of Saudi Arabia, before 30/06/2018G corresponding to 16/10/1439H via the following email: IC.Pol@SAMA.GOV.SA All received views and comments will be under study to finalize these Rules.
To view the Draft Rules and submit views and comments, click here .