Saudi Arabia: SAMA approves InsurTech rules
Source: Middle East Insurance Review | Sep 2023
The Saudi Central Bank (SAMA) has approved InsurTech rules, following a public consultation via the National Competitiveness Centre’s Public Consultation Platform.
This initiative is part of SAMA’s continuous efforts to enhance the insurance sector for the latter to provide quality services commensurate with developments in the insurance industry in general and insurance technology services in particular.
The InsurTech rules govern the underlying business and its activities comprehensively, ensuring the protection of clients and promoting fair competition in the offering of solutions and services to support the stability and development of the sector.
The goal of the rules is to enable InsurTechs to perform flexibly in an innovative-based regulatory framework, which covers basic pillars such as practitioners’ obligations, the accuracy of client information and codes of conduct. They aim to protect clients’ rights and ensure compliance and control.
SAMA said in a statement that it reaffirms its commitment to supporting and facilitating the growth of the insurance sector and regulating the relationship between InsurTech companies and clients; preserving the rights of all parties involved. M