The Saudi Arabian Monetary Authority (SAMA) has issued the Actuarial Work Regulation, for more effective oversight of the growing insurance market in the kingdom.
In a statement, SAMA said, “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.”
To help deliver on these objectives, SAMA has replaced the “Actuarial Work Regulation for Insurance and /or Reinsurance Companies operating in the Kingdom” with the new regulation.
The regulator points out that 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, SAMA 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 in the kingdom. By encouraging the growth of the actuarial profession, SAMA aims too to help develop exciting, intellectually stimulating and rewarding career opportunities for young Saudi nationals.