News Middle East05 Jan 2020

Saudi Arabia:SAMA bans combined insurance & reinsurance broking activities in firms

05 Jan 2020

The Saudi Arabian Monetary Authority (SAMA) has prohibited a company from engaging in both insurance and reinsurance brokerage activities, effective immediately, reported Reuters.

The regulator said in a statement on 2 January that it had taken the decision in order to increase the stability of the insurance sector, boost its contribution to national economic growth and reduce “wrong practices” in the industry.

Companies that currently combine both activities have one year to implement the decision, and must give SAMA their plans to change within three months.

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