13
December 2023
Localization of insurance product sales jobs
The Insurance Authority has issued a decision to localize all
sales positions in insurance products starting from April 15,
2024. This decision is based on the aim to support and enhance
the effectiveness of the insurance sector, as well as to
support and empower national competencies and capabilities in
the insurance industry. The decision is in accordance with the
authority's mandates and powers to regulate insurance
activities in the Kingdom, and to oversee and supervise them
under the Insurance Authority's regulation, issued by Cabinet
Decision No. 85 on 28/01/1445 H.
The decision states that non-specialized sales employees will
not be granted any commissions related to sales. The Insurance
Authority will monitor the implementation of the localization
decision from the date of its issuance until reaching the
targeted localization percentage. This is done in line with
the supervisory and regulatory roles over the insurance sector
The decision to localize the sales sector is anticipated to
exert a substantial impact, not only on the sector itself, but
also on the overall Saudization rates within the Kingdom. This
move is poised to foster the development of specialized
national competencies with a vested interest in the insurance
sector. Consequently, it is expected to enhance overall
performance standards and elevate the quality of services
delivered in the industry.
