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SAMA Updates the Actuarial Regulations for Insurance and Reinsurance Companies
11/13/2019 12:00 AM

The Saudi Arabian Monetary Authority (SAMA) announces the updating of the actuarial regulations of insurance and reinsurance companies, calling on the public and interested parties - in order to enhance the principle of transparency and participation - to provide their comments and views on the draft project as of 1441 / 03 / 16  corresponding to 2019 / 11 / 13.

        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; 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.

          SAMA explained that the actuary is a main pillar in the work carried out by insurance and reinsurance companies. It plays an important role in the design and pricing of products, in addition to work on financial reports and risk management and internal audit. SAMA indicated that it aims by updating 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.

       SAMA invites the general public, specialists and those interested in the draft actuarial controls of insurance and reinsurance companies; to give their views and observations within 30 days from 1441 / 03 / 16  corresponding to 2019 / 11 / 13, via e-mail IC.Pol@SAMA.GOV.SA . Noting that all comments and observations will be studied for the purpose of adopting the final draft. To These controls can be viewed through the link: http://www.sama.gov.sa/en-us/laws/pages/insurancepublicconsultation.aspx


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