SAMA orders insurers to set Saudization rates at 100%

Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank, has ordered insurance firms to set Saudization rates at 100 percent maximum by July 2, 2017.

Saudization should be applied to posts related to auto insurance claims, customer services, customer complaints, and other departments, the CMA said in a statement.

These companies should provide the Saudi central bank with monthly reports on the relevant developments.

The Saudi central bank, which also oversees the kingdom’s insurance market, said regulatory measures would be taken against companies that fail to comply with these directives.