KSA - SAMA issues the rules governing ins. aggregation activities
Thursday, 02 20 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) announces the issuance of the Rules Governing Insurance Aggregation Activities "Rules", part of SAMA's aspirations and efforts in developing the insurance sector and facilitating the availability of insurance coverage within a supervisory framework that ensures the protection and efficiency of transactions and contributing to stable and fair transactions.
These Rules come in line with the Kingdom's vision 2030 supporting entrepreneurship and enhancement of financial services technologies. Moreover, it comes in pace with SAMA's support to financial technology development, economic growth and to enhance the contribution of insurance sector to the gross domestic products
The Rules aspire to regulate insurance aggregation activities by setting the minimum requirements and controls necessary for granting a license to conduct insurance online aggregation activities in the Kingdom of Saudi Arabia, in addition to regulating the relationship between the insurance online aggregator and insurance companies.