KSA – Corporate governance of insurers audited
Monday, 03 12 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
A regulatory official warned local insurance companies about the delays in issuing their internal corporate governance rules, which should be adopted by the General Assembly. The source told “Al Jazirah” that the internal corporate governance rules should comply with the corporate governance standards applying to insurance, which have been issued by the Saudi Arabian Monetary Authority “SAMA” noting that SAMA will not accept any corporate governance rules not approved by the General Assembly of an insurer.
The source said that it is necessary for insurance companies to provide SAMA with the internal corporate governance rules within 21 days in addition to the rules of professional standards adopted by the board of company and the disclosure policy. All of these steps will help develop the regulatory environment in order to uphold the stability of the insurance sector as one of the emerging sectors of the Saudi market.
Source: Al Jazirah