23 November 2024
The Insurance Authority officially commences its operations today,
following the implementation of its regulations issued by Cabinet Decision No.
85, dated 28 Muharram 1445H corresponding to 15/08/2023.
The Authority's mission is to regulate the insurance sector in the
Kingdom, in a manner that enhances its efficiency and stability, and aligns
with the goals of Saudi Vision 2030 and the aspirations of the wise leadership.
His Excellency, Mr. Abdulaziz bin Hassan Al-Boug, Chairman of the Board of
Directors of the Insurance Authority, stated that the Authority seeks to
achieve a number of objectives, including the regulation and supervision of the
insurance sector in the Kingdom, as well as protecting the rights of
policyholders and beneficiaries, establishing the principles of insurance
contractual relationships, fostering innovation in insurance products, and
raising insurance awareness.
He assured that the Insurance Authority will work to enhance
competitiveness, which will reflect on the quality of the services provided and
create an attractive investment environment. The Authority will also support
and strengthen the role of the insurance sector in the national economy.
Current regulations, rules, and instructions related to the insurance sector
will continue to be in effect until further instructions are issued by the
Authority.
There will be no impact on
existing insurance policies or claims as current insurance claims, channels,
and operations will continue unaffected, in accordance with the relevant
regulatory provision.