Saudi Arabia – Closure penalty for non-saudization
Monday, 07 03 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank, which also oversees the kingdom’s insurance market, said measures would be taken against insurance companies that fail to implement Saudization rates, Makkah newspaper reported, citing Emad Eldin Al Husseini, a member of SAMA insurance committee.
Non-compliant insurers may be banned from issuing insurance policies and may even face closure.
Last February, SAMA ordered insurance firms to set Saudization rates at 100 percent maximum by July 2, 2017, data compiled by Argaam showed.
Saudization should be applied to posts related to auto insurance claims, customer services, customer complaints, and other departments.