08 July 2024
The Insurance Authority signed a memorandum of cooperation with the Saudi
Anti-Fraud Association to enhance knowledge and awareness among those
responsible for the safety of financial sectors and combating fraud in the
insurance sector.
The agreement was signed on the evening of Wednesday, July 17, 2024, at
the Authority’s headquarters in Riyadh. The agreement was signed by both the
Executive Director of Supervision at the Insurance Authority, Mr. Ahmed
Al-Qaseer, and the CEO of the Saudi Anti-Fraud Association, Mr. Mohammed
Al-Mudaris, in the presence of the insurance Authority’s CEO, Eng. Naji
Al-Faisal Al-Tamimi.
The agreement aims to provide a unified framework for professionals
working in the field of investigating and detection of insurance fraud cases,
offer training and qualification programs, and effectively and sustainably
transfer knowledge and expertise. It also seeks to provide incentives to join
the training and development programs offered by the association to achieve
leadership in fraud prevention and internal audit activities. Additionally, it
includes granting specialized professional certificates, and quality
accreditations in this area.
This agreement is part of ongoing supervisory efforts to reduce
fraudulent activities in the insurance sector and raise awareness about fraud.
It reflects the Insurance Authority's recognition of the importance of
combating insurance fraud.
The Authority is responsible for regulating, stabilizing, and developing
the insurance sector in the Kingdom, overseeing and supervising it. It operates
as an independent legal entity with financial and administrative autonomy.
The Authority is also tasked with promoting insurance awareness,
protecting the rights of policyholders and beneficiaries, contributing to
financial stability, and establishing the principles of contractual relationships
in the insurance field.