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Saudi Arabia: New rules for electronic insurance brokerage

The Saudi Arabian Monetary Agency "SAMA" announced the issuance of the rules governing electronic insurance brokerage, in a step that is part of its efforts to develop the insurance industry and facilitate the process of obtaining insurance coverage for applicants insurance, and within a supervision and supervision framework that guarantees the protection and efficiency of transactions in the insurance sector, in a way that contributes to achieving stability and fair treatment in it.

The Corporation explained that the rules governing the electronic insurance brokerage business are in line with the Kingdom's Vision 2030 to support entrepreneurship and enhance financial services technology, and build on SAMA's supporting role to enable and encouraging the growth of fintech and keeping up with the economic development observed by the Kingdom, as well as enhancing the contribution of the insurance sector. In GDP.

The Monetary Agency indicated that these rules are intended to regulate the electronic insurance brokerage business by specifying the minimum requirements and controls necessary to grant a license to exercise the electronic insurance brokerage business through the Internet in the Kingdom of Saudi Arabia, in addition to regulate the relationship between the electronic insurance broker and the insurance companies.

The Corporation stated in its statement that the rules governing electronic insurance brokerage can be widely viewed by visiting the Corporation's website through the link: Pages / InsuranceRulesAndRegulation.aspx.