Saudi Arabia: SAMA issues new actuarial regulation
Source: Middle East Insurance Review | Apr 2020
The Saudi Arabian Monetary Authority (SAMA) has issued the Actuarial Work Regulation, for more effective oversight of the growing insurance market in the kingdom.
“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,” the SAMA said in a statement.
To help deliver on these objectives, the SAMA has replaced the ‘Actuarial Work Regulation for Insurance and/or Reinsurance Companies operating in the Kingdom’ with the new regulation.
The regulator said actuaries are critical to the proper operation of insurance and reinsurance companies, performing a key role in product design and pricing, financial reporting, risk management and internal controls.
The overarching aim of this regulatory update is to encourage the growth of a prosperous and high-performing actuarial profession for its effective contribution towards a financially strong and thriving insurance industry in the kingdom.
Through the regulation, the authority 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. By encouraging the growth of the actuarial profession, the SAMA aims to help develop exciting, intellectually stimulating and rewarding career opportunities for young Saudi nationals. M