11 June 2023
The Insurance Authority obtained the ISO (ISO 9001: 2015) certification
for its Quality Management System in providing licensing and approval services
to insurance companies in key areas such as insurance technology, appointments,
outsourcing, products and reinsurance agreements.
This comes within the framework of the ‘Insurance Authority's’
commitment to enhance the use of regulatory standards and requirements in the
management system, and to implement an accurate and detailed review of its
Quality Management System in providing licensing and approval services, as well
as the mechanisms of work procedures followed within the General Administration
of Licensing and Approvals in the Authority.
The Insurance Authority is a statutory body concerned with organizing,
stabilizing and developing the insurance industry in the Kingdom. It is
responsible for supervising and controlling it. It also enjoys a legal
personality and financial and administrative independence, and it is concerned
with raising awareness about insurance, safeguarding the rights of
policyholders and beneficiaries, contributing to financial stability, and
strengthening the foundations of contractual insurance relationships.