30 June 2024
Based on the regulatory framework for approving insurance products
issued by the Authority, the Insurance Authority announces the approval of the
Surety Bonds Insurance product for Al-Walaa Cooperative Insurance Company,
presented to the Public Investment Fund under identification number
(F-WALA-1-C-24-098) This step comes in recognition of the importance raising
awareness about diverse insurance products available in the Kingdom, and in
alignment with the Authority's role in and empowering the insurance sector
while encouraging innovation in the offered insurance products.
The aim of this is to enhance investment in Saudi Arabia by that
contractors complete construction projects related to companies the Public
Investment Fund.
The Insurance Authority emphasizes the necessity of verifying licensed
products approved by it through ensuring that identification numbers are
present on all documents related to sold products within the Saudi market.