SAMA bans combined insurance and reinsurance brokerage operations

04/01/2020 Argaam

 

The Saudi Arabian Monetary Authority (SAMA) banned brokerage firms from combining insurance and reinsurance activities effective from Jan. 2, 2020, the insurance market regulator said in a statement.

 

Companies that currently provide both services were granted 1 year to complay with the new decision.

 

These companies are also required to submit to SAMA their compliance plans within 3 months.

 

The decision aims to enhance the insurance sector stability, boost its contribution to the local economy and reduce wrong practices in the industry.

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