87
TABLE 13: INSURANCE RULES AND REGULATIONS IN SAUDI ARABIA
Insurance Rules and Regulations Date
Implementing Regulations of the Cooperative Insurance Companies Control
Law
20-04-2004
Insurance Market Code of conduct Regulations 30-08-2008
Anti-Fraud Regulation for the insurance companies 23-12-2008
Risk Management Regulation 29-12-2008
Regulations for Supervision and Inspection Costs 17-10-2009
The Regulation of Reinsurance Activities 09-11-2010
Insurance Intermediaries Regulation 12-10-2011
Online Insurance Activities Regulation 13-12-2011
Investment Regulations 21-02-2012
Anti-money Laundering & Combating Terrorism Financing Rules 27-02-2012
Outsourcing Regulation for Insurance and Reinsurance Companies and
Insurance Service Providers
17-11-2012
Surplus Distribution Policy 19-02-2015
Audit Committee Regulation in Insurance and/or Reinsurance Companies 21-10-2015
Insurance Corporate Governance Regulations 21-10-2015
Actuarial Work Regulation for Insurance and/or Reinsurance Companies 07-01-2016
Regulations for Branches and Points of Sale Annual Expansion for Insurance
and/or Reinsurance, Brokerage and Agency Companies
02-05-2016
Rules on the Collection and Exchange of Motor Insurance Information 30-03-2017
Implementing Regulation to the AML Law 25-10-2017
The Unified Compulsory Motor Insurance Policy 01-07-2018
Rules for Licensing and Supervision of Branches of Foreign Insurance and-or
Reinsurance Companies in Saudi Arabia
17-12-2018
Source: SAMA (2019b)
TABLE 14: INSURANCE CIRCULARS OF SAUDI ARABIA
Insurance Circulars Date
Principles to be applied to the regulation of branches of foreign insurance
companies established in Saudi Arabia
25/02/2006
Exit Plan to be followed by unlicensed insurers working in the Kingdom of Saudi
Arabia
24/12/2007
Explanatory Announcement on the Status of Foreign Insurance Companies
Operating in the Kingdom
23/03/2010
Type and Percentage of Ownership in Insurance Companies 24/02/2013
Requirements for Appointments to Senior Positions in Financial Institutions
Supervised by the Saudi Arabian Monetary Agency (SAMA)
15/08/2013
Requirements for Appointments to Senior Positions in Financial Institutions
Supervised by the Saudi Arabian Monetary Agency
15/08/2013
Medical Expenses- Underwriting Practices 2016 14/11/2016
Engineering Insurance 2016 14/11/2016
Principles for an Effective Risk Appetite Framework 14/11/2016
Source: SAMA