The Saudi Arabian Monetary Authority (SAMA) has released draft updated actuarial regulations for insurance and reinsurance companies, according to a statement issued by the financial regulator.
SAMA says that 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 explains that the actuary is a main pillar in the work carried out by insurance and reinsurance companies, 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 called for public feedback on the draft regulations.