23
November 2023
Chairman of the Board of Directors of the Insurance Authority announces the start of the Authority's operations as the independent regulator of the insurance sector
The Insurance Authority officially commences its operations
today, following the implementation of its regulations issued
by Cabinet Decision No. 85, dated 28 Muharram 1445H
corresponding to 15/08/2023. The Authority's mission is to
regulate the insurance sector in the Kingdom, in a manner that
enhances its efficiency and stability, and aligns with the
goals of Saudi Vision 2030 and the aspirations of the wise
leadership.
His Excellency, Mr. Abdulaziz bin Hassan Al-Boug, Chairman of
the Board of Directors of the Insurance Authority, stated that
the Authority seeks to achieve a number of objectives,
including the regulation and supervision of the insurance
sector in the Kingdom, as well as protecting the rights of
policyholders and beneficiaries, establishing the principles
of insurance contractual relationships, fostering innovation
in insurance products, and raising insurance awareness.
He assured that the Insurance Authority will work to enhance
competitiveness, which will reflect on the quality of the
services provided and create an attractive investment
environment. The Authority will also support and strengthen
the role of the insurance sector in the national economy.
Current regulations, rules, and instructions related to the
insurance sector will continue to be in effect until further
instructions are issued by the Authority. There will be no
impact on existing insurance policies or claims as current
insurance claims, channels, and operations will continue
unaffected, in accordance with the relevant regulatory
provision.