Walaa gets SAMA’s final nod on insurance product

Logo of Walaa Cooperative Insurance Co. 

Walaa Cooperative Insurance Co. obtained, on May 24, the Saudi Central Bank’s (SAMA) final approval on individual clients’ product.

In a statement to Tadawul, the insurer said the product approved is domestic worker employment contract insurance.

According to data compiled by Argaam, the Saudi Cabinet decided, in May 2021, obligating recruitment companies to insure the contract of domestic worker recruited by them, on behalf of the client.

The Ministry of Human Resources and Social Development (HRSD), in cooperation with the relevant authorities, is in the process of implementing the insurance decision on the recruitment contracts of domestic workers starting from this month, press sources disclosed earlier.

Gulf Union Al Ahlia Cooperative Insurance Co. announced, on May 23, obtaining the final approval of Saudi Central Bank (SAMA) on the company’s product for insurance on domestic worker employment contracts for individual clients.