In line with the Saudi Central Bank's (SAMA) continuous efforts to develop the insurance sector and to keep abreast with developments in the insurance industry in general and insurance technology services in particular. In addition, supporting and enabling  financial technology activities has led to the emergence of a number of Fintech companies and to the development of technology within Insurance activities.

The draft rules aims to enable insurtech companies to execute their work in accordance with a regulatory framework that featured flexibility of commitment, inclusiveness of organizational fundamentals and innovation. Such rules ensure protecting customer's rights in insurtech companies and encouraging fair competition in providing technical solutions and services to consolidate, stabilize and develop the sector. These rules also include the regulation of several basic pillars, such as provisions of engaging, licensing and obligations of practitioners on several levels, e.g., the technological environment-related obligations, the customer information accuracy and maintenance-related obligations, as well as general business behaviors, e.g., preserving customer rights, control and supervision.

SAMA looks forward, through the draft rules, to regulate the relationship between insurtech companies and their customers in a way that ensures the rights of all parties to the relationship and provide appropriate services to the beneficiaries.

SAMA invites the public, specialists and interested individuals to provide their views and observations on the draft rules within (30) days, noting that all views and observations will be under consideration for adopting the final version of these rules. This draft can be reached by visiting Public Consultation Platform affiliated to the National Competitiveness Center on the (link).