SAMA Issues Licensing and Controling Rules for Insurance/reinsurance Companies in the Kingdom
Because the insurance sector is one of the most important financial services sectors in the Kingdom that abreast with all economic activities and contribute to the support and maintenance of its stability. In an attempt by SAMA to contribute in achieving the Kingdom vision 2030 to support the development of the national economy through the financial sector development initiatives. In addition, in line with the development of the insurance sector around the world and the promotion of fair competition, SAMA announced the issuance of licensing and control rules for the insurance/reinsurance companies in the Kingdom of Saudi Arabia.
These rules have been prepared to clarify and illustrate the application of the cooperative insurance Control law and its executive regulations to the foreign branches that will be licensed to operate in the Kingdom. These rules can be find on: http://www.sama.gov.sa/en-US/Laws/Pages/InsuranceRulesAndRegulation.aspx