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Saudi Central BankSaudi Central BankNewsSAMA: Announces the publication of the explanatory memorandum to amend some of the executive regulations of the Cooperative Insurance Companies Control Law
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SAMA: Announces the publication of the explanatory memorandum to amend some of the executive regulations of the Cooperative Insurance Companies Control Law
11/4/2018 12:00 AM

To achieve the objectives of the Financial Sector Development Program, one of the Kingdom's ambitious visionary programs (2030) aims at developing the financial sector to be a diversified and effective financial sector to support the development of the national economy and to increase the efficiency of the financial sector to address the challenges .Moreover, it is an implementation of the 14th initiative of the Saudi Arabian Monetary Authority which emphasized on the necessity to reform the existing insurance regulations and policies, and in line with the "controls to be observed in preparing and studying draft regulations and the like (updated)" issued by the Council of Ministers Resolution No. 713 of 30/11/1438.

SAMA has prepared and published the explanatory memorandum to amend some of the executive regulations of the Cooperative Insurance Companies Control Law issued pursuant to the decision of the Minister of Finance No. (1/596) dated 01/03 / 1425H (corresponding to 20/04/2004) to survey the public and interested parties, In order to promote the principle of transparency and participation.

The amendments explanatory note includes:

  • The legal document to amend the regulations.
  • A Brief review of the main elements of the executive draft amendments.
  • Elements of the draft amendment to the executive regulations. It is the topics that are approached by the amendments draft. Each element in the memorandum is followed by the articles regulating it, and then it is followed by reasons explaining the amendment, and then the objectives of the amendments and finally the international experiences within the same subject.
  • A chart of the current articles and the amendments as indicated in the note. 

The Saudi Arabian Monetary Authority (SAMA) hereby invites the general public, specialists and interested parties to amend the executive regulations of the Cooperative Insurance Companies Control Law to present their views and observations before the date of 26/01/1440 H corresponding to 02/01/2019 via e-mail IC.Pol@SAMA.GOV.SA

All observation will be considered and studied for the final format. Note that SAMA will ensure that there is no regulatory vacuum when adopting the proposed amendment, so that it will work on the preparation of the rules and policies referred to it based on the amendment of the executive draft.

The explanatory note to amend some of the regulations of the Cooperative Insurance Companies Control Law is available to review and make comments and observations through the link

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