KSA – SAMA issues the rules governing bancassurance
Friday, 05 08 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) announces the issuance of the Rules Governing Bancassurance Activities in the Kingdom. This step comes as part of SAMA's aspirations and efforts in developing the financial services environment and aligning with the latest technical developments in the insurance industry around the world, along with SAMA's efforts to raise the Insurance sector growth and spreading insurance culture and awareness.
These Rules aims to expand the scope of distribution and marketing of insurance products through banks; to ease the access to variety of financial needs at one place. These Rules come to place to regulate the practices of Bancassurance in the Kingdom, as well as the relation between the insurance companies and the banks. The Bancassurance Rules have a substantial role in raising the demand and awareness of saving products by promoting the distribution of insurance products in isolated areas. Through these Rules, SAMA anticipates to develop the insurance industry and to enhance the contribution of insurance sector to the national economy.