SAMA Issues the Rules for the Licensing and Supervision of Foreign Branches of Insurance And/or Reinsurance Companies in the Kingdom of Saudi Arabia

RIYADH, Saudi Arabia, Dec. 17 -- The Saudi Arabian Monetary Agency issued the following news:

The Saudi Arabian Monetary Authority (SAMA) announces the adoption of the new licensing and supervision rules for foreign insurance and/or re-insurance companies wishing to establish and operate a branch in the Kingdom of Saudi Arabia.

As the insurance and reinsurance companies are key components of the financial industry, the new rules are aimed at developing the industry while ensuring the stability and resilience of the financial systems. This initiative forms a part of the Saudi Vision 2030 for creating a thriving and sustainable economy.

The rules clarify application of the provisions of the Cooperative Insurance Control Law and associated Implementing Regulation to the foreign branches.

These rules are shown in the following link: http://www.sama.gov.sa/en-US/Laws/Pages/InsuranceRulesAndRegulation.aspx