Credits By: Arab News
Reaffirming its commitment to enhancing the insurance sector, the Saudi Central Bank, also known as SAMA, has taken significant steps by approving innovative regulatory laws to facilitate fintech firms’ operations.
After receiving feedback through the National Competitiveness Center’s Public Consultation Platform, SAMA announced the approval of insurance financial technology rules in a recent press release.
The primary objective of these insurance rules is to regulate the underlying business and operations, ensuring client protection and fostering fair competition in providing solutions and services. This move is aimed at supporting sector stability and driving growth in the insurance industry.
The new regulations encompass essential aspects of the insurance sector, such as practitioners’ responsibilities, the accuracy of clients’ information, and guidelines for protecting clients’ rights, compliance, and control. With these measures in place, SAMA seeks to establish a framework that encourages technological advancements while upholding industry integrity.