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.