What does the launch of the Insurance Authority mean for you?
From the 23rd of November 2023, the IA becomes the authorized regulator of the insurance industry in Saudi Arabia. The IA aims to regulate, supervise, and control the insurance sector in the Kingdom. It will work to support and enhance its effectiveness, develop insurance awareness, protect the rights of the insured and beneficiaries, stabilize the insurance sector, contribute to financial stability, promote and develop the insurance sector, and work to consolidate the principles and pillars of the insurance contractual relationship. The Authority has an independent legal personality as well as financial and administrative independence.
Effective from March 4th, 2024, all health insurance-related mandates will be transferred from the Council of Health Insurance (CHI) to the IA.
Current laws and regulations related to the insurance sector will remain in effect until further instructions are issued.
Policyholders and beneficiaries will continue to receive the full rights afforded to them under current regulations. There will be no change to existing terms and conditions of existing insurance policies. The relationship between the policyholder and insurer remains a contractual relationship subject to the provisions agreed between them and to the statutory provisions related to the relationship.
Existing insurance claims, channels, and processes with Insurance companies will continue unaffected subject to the relevant statutory provisions.
From 23rd November 2023, all insurance complaints previously submitted to SAMA Cares, will be registered, and handled through IA Care. New complaints can be registered, and existing complaints managed by reaching IA Care through its dedicated phone line (800 124 0551), online portal (care.ia.gov.sa), or via social media channels (X). All health insurance related complaints should be raised with IA Care from March 4th onwards. Any further changes to the current complaints handling process will be communicated via official channels.
Customers should visit the Committee’s official channel (www.idc.gov.sa) to submit their case. Please note that dispute cases should continue to be submitted through existing official channels, without compromising the mandates of the Committees for Resolution of Insurance Disputes and Violations (IDC). The IDC will be transferred to the IA but will continue to remain operationally independent.
Current laws, instructions, and guidelines related to the insurance sector can be viewed by visiting the official IA website (www.ia.gov.sa). Any updates to laws and regulations will be published on IA’s website, and corresponding announcements communicated via IA’s official channels. Effective March 4th, 2024, information related to health insurance can be viewed by visiting the official IA website (www.ia.gov.sa).
No action is required regarding existing insurance policies as the contractual relationship between policyholders and insurers remains unchanged. However, the way that complaints are registered and managed will change. Please refer to IA Care for further information (care.ia.gov.sa)
The IA will continue to communicate directly with the insurance sector through dedicated relationship managers, in addition to sharing a circular with a comprehensive set of IA email addresses with all regulated entities. Effective from March 4th, 2024, CHI’s health insurance mandates will be fully integrated into the IA. Consequentially, all health insurance queries and complaints should be raised through the IA’s portal ‘IA Care’. IA Care can be reached through its dedicated phone line (800 124 0551), online portal (care.ia.gov.sa), and/or via social media channels (X). For the full contact details of the IA, please refer to the contact information section at the bottom of this page.
All new licensing requests and approvals, as well as those submitted to SAMA prior to 23/11/2023, will be handled by the IA. From March 4th, 2024, all health insurance qualification requests should be directed to the IA. New forms for qualification requests as well as qualification requirements will be available on the IA’s website.
