KSA - SAMA bans combining ins. and reins. Brokerage
Friday, 01 03 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Agency (SAMA) has decided to ban combining insurance and reinsurance brokerage activities in the same company, Reuters reported on Thursday.
The decision is aimed at ensuring the stability of the insurance sector to boost its contribution to the Saudi economy, SAMA said.
SAMA gives companies that combine insurance and reinsurance brokerage activities one year to implement the new decision.
These companies are also obligated to send SAMA their plans to change within three months.