SAMA strengthens insurance sector with Marine Insurance Coverage Instructions announcement
Riyadh, October 05, 2023, The Saudi Central Bank (SAMA) has taken a significant step in bolstering the insurance sector and safeguarding the interests of beneficiaries by announcing the issuance of Marine Insurance Coverage Instructions. Developed in collaboration with the Transport General Authority, these instructions establish a comprehensive regulatory framework governing both mandatory and non-mandatory marine insurance. They also define the minimum coverage limits and associated benefits.
These instructions serve the crucial purpose of ensuring alignment with international agreements ratified by Saudi Arabia and the Commercial Maritime Law, which was issued via royal decree, along with its pertinent regulations. The ultimate goal is to elevate the quality of insurance services while ensuring adequate protection for all beneficiaries of marine insurance products.
Prior to their official release, the draft instructions underwent a public consultation process through the National Competitiveness Center's platform. This allowed stakeholders and the general public to offer their insights and feedback.
For those interested in accessing the Marine Insurance Coverage Instructions, they are readily available on SAMA's official website at https://www.sama.gov.sa/en-us/rulesinstructions/pages/insurancerulesandregulation.aspx.