SAMA approves the recommendation of 3rd Saudi Insurance Symposium
Tuesday, 05 12 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Agency “SAMA” approved the recommendations of the 3rd Saudi insurance Symposium which was held in Riyadh last week under the title “The Present and the Future” under the patronage of H.E. Dr. Fahad bin Abdullah Al-Mubarak Governor of “SAMA”, with the participation of a large number of experts, concerned officials, and insurance industry leaders in the Kingdom, Gulf countries, and different countries of the world.
Mr Basem Odeh, Chairman of the Executive Insurance Committee and General Manager at Arabian Shield Cooperative Insurance Co. revealed that the 3rd Saudi Insurance Symposium that lasted for two days recommended in its concluding session that it is necessary for boards of directors and executive management of insurance companies to fulfill their roles efficiently, develop their human resources, work seriously on training citizens, find solutions to the loss of large project premiums which are insured outside the kingdom.
He added in a press release which reached “Argaam” that the symposium recommended to extend health insurance to the remaining targeted categories, endorse the use of the finger print to avoid fraud, develop legislations which sanction fraud, encourage investment in the health sector, requested the authorities such as the Saudi Arabian Monetary Agency to ease legislations related to mergers and acquisitions in the sector, speed the implementation of the council minister decision to insure high risk institutions.