Middle East

SAMA issues Rules Governing Insurance Aggregation Activities

The Saudi Arabian Monetary Authority (SAMA) has announced the issuance of the Rules Governing Insurance Aggregation Activities as part of SAMA's aspirations and efforts in developing the insurance sector and facilitating the availability of insurance coverage within a supervisory framework that ensures the protection and efficiency of transactions and contributing to stable and fair transactions.

These Rules come in line with the Kingdom's vision 2030 supporting entrepreneurship and enhancement of financial services technologies, according to a statement on the SAMA website.

Moreover, it comes in pace with SAMA's support to financial technology development, economic growth and to enhance the contribution of insurance sector to the gross domestic products.

The Rules aspire to regulate insurance aggregation activities by setting the minimum requirements and controls necessary for granting a license to conduct insurance online aggregation activities in the Kingdom of Saudi Arabia, in addition to regulating the relationship between the insurance online aggregator and insurance companies.

Further details on the rules can be found HERE.