13 December 2023

Localization of insurance product sales jobs

The Insurance Authority has issued a decision to localize all sales positions in insurance products starting from April 15, 2024. This decision is based on the aim to support and enhance the effectiveness of the insurance sector, as well as to support and empower national competencies and capabilities in the insurance industry. The decision is in accordance with the authority's mandates and powers to regulate insurance activities in the Kingdom, and to oversee and supervise them under the Insurance Authority's regulation, issued by Cabinet Decision No. 85 on 28/01/1445 H. The decision states that non-specialized sales employees will not be granted any commissions related to sales. The Insurance Authority will monitor the implementation of the localization decision from the date of its issuance until reaching the targeted localization percentage. This is done in line with the supervisory and regulatory roles over the insurance sector The decision to localize the sales sector is anticipated to exert a substantial impact, not only on the sector itself, but also on the overall Saudization rates within the Kingdom. This move is poised to foster the development of specialized national competencies with a vested interest in the insurance sector. Consequently, it is expected to enhance overall performance standards and elevate the quality of services delivered in the industry.