The Saudi Arabian Monetary Authority (SAMA) published a draft for the controls and regulation to the approval of insurance products, calling in this regard to the public and those interested - in order to enhance the principle of transparency and participation - to express their observations and views on the project.

SAMA indicated that these controls aim to develop the necessary regulatory procedures and requirements before marketing or selling insurance products by companies to their customers, and to define the categories of insurance products that require either SAMA prior approval or notification before marketing or selling them, in addition to enhancing the efficiency of risk management.

The Saudi Arabian Monetary Authority invites the public, specialists and those interested in the draft regulations for the approval of insurance products to express their views and observations within (30) days, starting from 11/18/1441 AH corresponding to 7/9/2020 AD, by e-mail (IC.Pol@SAMA). GOV.SA), noting that all observations will be the subject of study; For the purpose of adopting the final version of these controls. It can be found on (link).