Saudi Central Bank approves insurtech rules

Riyadh — The Saudi Central Bank (SAMA) approved the Insurtech Rules, post public consultation, for the draft rules via National Competitiveness Center’s Public Consultation Platform.

This initiative is part of SAMA’s continuous efforts to enhance the insurance sector for providing better services commensurate with developments in the insurance industry in general and insurance technology services in particular.

Insurtech Rules comprehensively govern the underlying business and its activities, ensuring protection of its clients, and promoting fair competition in offering solutions and services to support stability and development of the sector.

Related: How the Saudi Government Has Streamlined the Kingdom for Fintech

Insurtech Rules intend to enable Insurtechs to perform flexibly in an innovative based regulatory framework, which includes basic pillars such as practitioners’ obligation, clients’ information accuracy and codes of conduct preserving clients’ rights, compliance and control.

SAMA reaffirms its commitment to support and facilitate the growth of the insurance sector and regulate the relationship between Insurtech companies and clients; preserving the rights of all parties involved. To view Insurtech Rules, please visit SAMA’s official website.