The Saudi Arabian Monetary Agency (SAMA) has released a preliminary draft of regulations governing online insurance brokerage business, calling on the public and those interested to provide feedback on the proposed rules.
SAMA points out that the draft rules governing online insurance brokerage business stipulate the requirements and controls necessary for granting an online insurance broking licence, in addition to regulating the relationship of the online broker with insurance companies.
Proposing rules for online broking operations reflects the keenness of SAMA to keep apace with the latest technological developments in the financial services sector, in order to achieve its objectives of developing the insurance industry and facilitating the insurance process for policyholders, the regulator says. It also promotes online insurance and intermediation.
The deadline for submitting feedback is 13 November 2019.