Saudi Arabia: Regulator updates insurance regulations covering actuaries

Source: Middle East Insurance Review | Dec 2019

The Saudi Arabian Monetary Authority (SAMA) has released draft updated actuarial regulations for insurers and reinsurers, according to a statement issued by the financial regulator.

SAMA said risk management procedures and statutory legislation need to be developed to meet the requirements of the insurance industry.

The aim of the revised regulations is to support the growth of the actuarial profession to ensure its effective participation in the insurance sector. SAMA is also looking to protect policyholders.

The authority explained that the actuary is a main pillar in the work carried out by insurers and reinsurers, playing a vital role in the design and pricing of products, in addition to work on financial reports and risk management and internal audit.

SAMA has called for public feedback on the draft regulations. M

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