SAMA Governor calls on insurance companies to benefit from the outputs of Saudi universities and institutes "national cadres are ready to lead the insurance sector", Governor says.
The Saudi Arabian Monetary Authority circular requiring insurance companies and liberal professions companies to localize jobs at vehicle claims departments and customer care departments will come into effect as of 10/8/1438 AH corresponding to 7/2/2017. This will be followed by another stage of localization aimed at nationalizing technical and leadership positions.
Dr. Ahmed Al-Kholifey, Governor of SAMA, confirmed that the institution paid great attention to national cranks working in the insurance sector, and placed the matter of developing their skills and qualifying them as a focus of its attention, despite the fact that insurance and reinsurance companies achieved a localization rate of (58%) in 2016. The aspirations exceed what has been achieved, especially those jobs at higher administrative levels and specialized technical positions, calling on all insurance companies and free professions to complete the training and qualification phase necessary for their national employees to fill leadership and technical positions.
Al-Kholifey emphasized on SAMA's approach towards nationalizing jobs in the insurance sector and liberal professions companies and the importance of doubling efforts to reach the goals approved by SAMA in raising the rates of localization of these positions, based on Article 79 of the executive regulations of the Cooperative Insurance Companies Control Law and the instructions issued by SAMA in this regard. It stipulated that the percentage of Saudi employees in insurance companies and self-employed persons should not be less than 30% in the first year of the establishment of the company, provided that it increases by 5% every year.
Al-Kholifey called on insurance companies to benefit from the outputs of Saudi universities and institutes. He clarified that the Saudi Arabian Monetary Authority is keen to coordinate with education entities to ensure that they provide the technical specializations needed by insurance companies. He stressed the need for insurance companies and free professions to localize all jobs affiliated to the vehicle claims departments, branches and centers receiving claims and inspectors, and managing debris, recovery, and all the functions of customer care and complaints handling at a rate of 100% by the end of the current month of Ramadan to raise the Saudization rate in insurance companies to the established rates. He pointed out that national cadres are now ready to lead the insurance sector. The localization of insurance sector jobs has become an urgent matter to keep pace with the economic changes now. Thus, we need to enhance the rates of Saudization and raise them to the level targeted by Vision 2030 and the National Transformation Program 2020, which depend heavily on The arms of the people of the country and give the citizen a full opportunity to prove himself in the labor market.