KSA - SAMA updates actuarial regulations for insurance sector
Thursday, 11 14 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) announced updating actuarial regulations of insurance and reinsurance companies, according to a statement on Wednesday.
SAMA called upon the general public and interested parties to enhance the principle of transparency and participation and provide their comments and views on the draft project.
SAMA mentioned in its statement that the insurance sector is one of the most important financial sectors targeted by the Kingdom's Vision 2030, as a supportive sector for the economic growth, not to mention the rapid development in the two aspects; the technical point of view and customers’ needs. Thus, risk management procedures and statutory legislation need to be developed to meet the requirements of the insurance industry; noting that to achieve these objectives, the actuarial business of insurance and reinsurance companies has been updated.