Saudi Arabia: Insurance Authority now in charge of health insurance regulation
Source: Middle East Insurance Review | Apr 2024
The Insurance Authority has taken over the supervision of health insurance from the Council of Health Insurance (CHI), the insurance regulator saID in a statement.
This transfer, which took effect on 4 March 2024, completes the establishment objective of the Authority that began functioning in November 2023.
Insurance Authority CEO Naji Al-Tamimi said that the authority now has a unified mandate covering all insurance sectors. The authority’s mission is to regulate the insurance sector in the kingdom, promote efficiency and effectiveness, protect policyholders’ rights, enhance the stability of the insurance sector, and increase insurance awareness among the public, all in the interest of the public good.
He said that the transition will be seamless, without impacting insurance policies or ongoing claims. The existing rules and regulations will continue to be enforced, ensuring that policyholders and beneficiaries will enjoy rights as per their existing terms and conditions.
Mr Al-Tamimi said that starting from 4 March 2024, the Insurance Authority will manage all health insurance-related complaints and queries. The authority has eased the process of handling old and new complaints through various channels. These include the complaints toll-free number, the online portal (care.ia.gov.sa), and the ‘IA CARE’ consumer protection account on X, formerly Twitter. M