24 December 2024
The Insurance Authority and the Public Prosecution signed a cooperation
agreement aimed at enhancing their joint capabilities in combating criminal
activities related to the insurance sector.
This will be achieved through mutual coordination on cases related to
criminal regulations, and the exchange of information and data, particularly in
combating fraud and violations associated with unlicensed insurance activities
and supporting services.
The memorandum emphasizes the importance of coordinating expertise
between the two parties in criminal and supervisory fields through the
organization of training courses, workshops, and specialized seminars. It also
aims to develop the skills of personnel involved in detecting and proving
violations subject to criminal accountability.
The agreement includes joint efforts to address challenges in combating
fraud in the insurance sector, through regular meetings to enhance cooperation
and coordination on topics of mutual interest. The memorandum also stipulates
providing developmental suggestions that support data-driven decision-making
and achieving the principle of preventive justice.
This step reflects the commitment of both parties to protect the
insurance sector and enhance confidence in the judicial and regulatory system
in the Kingdom.