In accordance with the authority vested in the Saudi Central Bank (SAMA) under the provision of the Saudi Central Bank Law - issued by Royal Decree No. m/36 dated 11/04/1442H, and the provisions of the Cooperative Insurance Companies Control Law - issued By Royal Decree No. M/32 dated 31/07/2003, amended by Royal Decree No. M/30 dated 08/04/2013 and also amended by Royal Decree No. M/12 dated 01/09/2021, which refers that SAMA shall carry out supervisory and control tasks over financial institutions, including the regulation of insurance companies and licensing.
Types of licenses:
Insurance and/or reinsurance.
Branches of foreign insurance and/or reinsurance companies.
Insurance intermediaries (Insurance broker, reinsurance broker, and insurance agent).
Insurance Aggregation.
Insurance service providers (insurance consulting, loss adjusting and assessment, insurance claims settlement, and actuarial services).
The Guidelines:
Applicants wishing to engage in an insurance activity should review the following documents:
Application Forms:
SAMA emphasizes that all requirements stipulated in the Guidelines must be fulfilled before filling out the correspondence application form with respect to the intended activity:
Application Process:
The applicant shall submit an application to SAMA using the License Request Form, complete with all information including prerequisite documents and files before submitting the application via email: (IC.LIC@SAMA.GOV.SA).
If any changes occur to the given information by license applicant prior to SAMA's decision on the application, the license applicant shall notify SAMA as soon as possible.
