The Saudi Central Bank (SAMA) opens public consultation on the draft amendments to the Implementing Regulation of the Insurance Companies Control law. In the interest of transparency and wider participation, SAMA invites stakeholders and public to provide suggestions and observations on the draft by visiting the Public Consultation Platform affiliated to the National Competitiveness Center.

This regulatory function is part of SAMA's oversight role in accordance with the authority vested in SAMA, as well as its role to support the development of the insurance sector and keeping pace with the growth of the insurance industry around the world in general and in the Kingdom in particular.

This draft aims to align with the recent amendments adopted to the Insurance Companies Control Law, in addition to providing a comprehensive yet flexible legal framework. This step is expected to support the stability of the insurance sector and provide an environment which would raise the risk management level, along with protecting the right of the parties and stakeholders within the sector while supporting the achievements of the Kingdom's 2030 vision objectives.

Finally, participants are expected to provide their input on the draft within (15) days from this publication, after of which all feedbacks will be assessed by SAMA for its relevance in finalizing the text. The draft is available on the Public Consultation Platform affiliated to the National Competitiveness Center (link).