Amending articles of insurance companies control law to boost SAMA’s role: Governor

25/08/2021 Argaam

SAMA Governor Fahad Al-Mubarak

The Saudi Cabinet approval of amending some of the Cooperative Insurance Companies Control Law articles will boost the Saudi Central Bank’s (SAMA) role to maintain the rights of the insured, beneficiaries and investors, Saudi Press Agency (SPA) reported, citing SAMA Governor, Fahad Al-Mubarak.

 

The approval came within the Kingdom’s continuous efforts to bolster the financial sector as well as the insurance companies, in line with Saudi Vision 2030.

 

These amendments are meant to boost innovation in the insurance industry, improve the client’s experience and awareness and further enhance compliance and governance. This will help these companies increase productivity and contribution to the Kingdom’s gross domestic product (GDP).

 

The Saudi Cabinet approved, on Aug 24, to amend articles no. 2, 3, 6, 19, 20 and 21 of the Cooperative Insurance Companies Control Law, data compiled by Argaam showed.

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