Governance, Risk and Compliance - The Saudi Arabian Insurance Industry

Governance, Risk and Compliance - The Saudi Arabian Insurance Industry

  • November 2019 •
  • 64 pages •
  • Report ID: 3083809 •
  • Format: PDF
Governance, Risk and Compliance - The Saudi Arabian Insurance Industry

Summary
The Saudi Arabian Monetary Authority (SAMA), established as the Central Bank of Saudi Arabia in 1952 is the government authority responsible for the regulation of Saudi Arabia’s insurance and reinsurance industry.The government gave SAMA the task of supervising the insurance industry in 2003.

The primary law that governs insurance activities in Saudi Arabia is the Cooperative Insurance Companies Control Law, which enacted in 2005.The law regulates insurance and insurance mediation activities to make country’s insurance operations credible, efficient, safe and stable.

The subsidiary regulations supporting the law are Implementing Regulations 2005, the Regulation of Reinsurance Activities 2010 and Insurance Intermediaries Regulation 2012.

- The SAMA regulates the insurance industry of Saudi Arabia
- 49% FDI is permitted in the Saudi Arabian insurance industry
- Composite insurance is permitted in Saudi Arabia; provided composite insurers have separate risk managers, reinsurance managers and separate investments for life and general insurance business
- Non-admitted insurers and intermediaries are not permitted, with a few exceptions
- Motor third-party liability insurance and workmen’s compensation insurance are the key compulsory classes of insurance

The report “Governance, Risk and Compliance - The Saudi Arabian Insurance Industry” is the result of extensive research into the insurance regulatory framework in the Netherlands.It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance.

The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Scope
- The report covers details of the insurance regulatory framework in the Saudi Arabia.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy
- Gain insights into the insurance regulatory framework in the Saudi Arabia.
- Track the latest regulatory changes, and expected changes impacting the Saudi Arabian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Loading...

We are very sorry, but an error occurred.
Please contact support@reportbuyer.com if the problem remains.