Saudi Arabia – Renewed enforcement of Saudization in insurance
Saturday, 02 25 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority “SAMA” issued a memorandum addressed to all insurance companies and related companies in which it renewed its enforcement of Saudization by applying the percentages issued by the Ministry of Labor and Social Development.
This follows the inquiries raised about the calculation of the Saudization rate and the categories concerned including the expatriate with Saudi wife, expatriate with Saudi husband, expatriate with Saudi mother, the GCC citizen, Saudi citizens, five-year card persons as an example. Accordingly, SAMA enforced Saudization.