The Saudi Arabian Monetary Authority (SAMA) announces the issuance of Actuarial Work Regulation for Insurance to replace the Regulations for Actuarial Acts of Insurance and / or Reinsurance Companies. SAMA clarified that the insurance sector is one of the most important financial services sectors in the Kingdom of Saudi Arabia, supporting security and economic growth and helping deliver the Kingdom's Vision 2030. Where Insurers are changing rapidly, becoming more digital and consumer-focused, systems of risk management and regulation need to evolve to keep pace with these developments for an effective oversight of the growing insurance market in the Kingdom.
To help deliver on these objectives, SAMA has updated the 'Actuarial Work Regulation for Insurance and /or Reinsurance Companies operating in the Kingdom', through the issuance of Actuarial Work Regulation for Insurance. Actuaries are critical for the proper operation of insurance and re-insurance companies, performing a key role in product design and pricing, financial reporting, risk management and internal controls. The overarching aim of this update is to encourage the growth of a prosperous and high-performing actuarial profession for their effective contribution towards a financially strong and thriving insurance industry in the Kingdom.
Through these Rules, SAMA aims to enhance policyholder protection, promoting a thriving and robust insurance sector capable of responding to evolving customer needs and supporting continued economic expansion and stability in the Kingdom. By encouraging the growth of the actuarial profession, SAMA aims to help develop exciting, intellectually stimulating and rewarding career opportunities for young Saudi nationals.
These Rules has been adopted following SAMA's presentation of the draft Rules to public, experts, and stakeholders to submit their views and comment. For further details, please visit SAMA (website).