KSA - SAMA Proposes the Draft Rules Governing Bancassurance
Thursday, 02 06 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
As part of the Saudi Arabian Monetary Authority (SAMA) mission to enhance the transparency and the contribution of public, SAMA welcomes the interested parties, experts, and stakeholders' observations and comments on the draft Rules Governing Bancassurance Activities (Rules) in the Kingdom of Saudi Arabia.
This step comes in continuation of SAMA's role in developing the financial services environment and aligning with the latest technical developments in the insurance industry in correspondence with SAMA's objectives of Insurance sector growth along with spreading insurance culture and awareness
These Rules aim to expand the scope of distribution and marketing of insurance products through banks; to facilitate the access of insurance products in obtaining client's financial needs from one place by regulating the practices of Bancassurance in the Kingdom, as well as regulating the relation between the insurance company and the bank. Bancassurance Rules have a substantial role in raising the demand and awareness of saving products by promoting the disruption of insurance products in isolated areas. Through these Rules, SAMA anticipates to enhance the contribution of insurance sector to the national economy.
Source: Saudi Press Agency