Riyadh, November 23, 2023, The Insurance Authority officially begins its operations today, marking a significant milestone following the implementation of regulations outlined in Cabinet Decision No. 85, dated 28 Muharram 1445H, corresponding to 15/08/2023. The establishment of the Authority is aligned with the objectives of Saudi Vision 2030 and the leadership's vision for the future.
Abdulaziz bin Hassan Al-Bouq, the Chairman of the Board of Directors of the Insurance Authority, emphasized the organization's mission to regulate the insurance sector in the Kingdom. The goal is to enhance efficiency and stability, reflecting the broader aspirations of Saudi Vision 2030 and the guidance of the wise leadership.
The Insurance Authority is committed to achieving several key objectives. This includes the regulation and supervision of the insurance sector, safeguarding the rights of policyholders and beneficiaries, establishing sound principles for insurance contractual relationships, promoting innovation in insurance products, and raising awareness about insurance.
Chairman Al-Bouq assured that the Insurance Authority will actively work towards enhancing competitiveness. This, in turn, will improve the quality of services provided and contribute to creating an attractive investment environment. The Authority aims to support and strengthen the role of the insurance sector in the national economy.
It's important to note that existing regulations, rules, and instructions related to the insurance sector will remain in effect until further directives are issued by the Insurance Authority. The commencement of the Authority's operations will have no impact on existing insurance policies or claims, as current insurance processes, channels, and operations will continue unaffected, in accordance with relevant regulatory provisions. This approach ensures a seamless transition and continuity in the provision of insurance services.
