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