The Saudi Arabian Monetary Authority (SAMA) announced that a preliminary draft of the rules governing electronic insurance brokerage has been presented, calling in this regard to the public and those interested - in strengthening the principle of transparency and participation - to give their observations and views on the project as of 03/16/1441 AH corresponding to 2019 / 11/13 m.

                SAMA explained that this step comes from the SAMA' keenness to keep abreast of the latest technological developments in the financial services sector, and in pursuit of its goals in developing the insurance industry and facilitating the insurance process for policyholders. It is also an encouragement for the practice of electronic insurance and electronic mediation, and out of its supervisory role and to support this type of modern trade to keep pace with the economic development in the Kingdom towards achieving the goals of Vision 2030.

                SAMA indicated that the draft rules governing electronic insurance brokerage business are distinguished by specifying the requirements and controls necessary to grant a license to practice electronic insurance brokerage business in the Kingdom of Saudi Arabia, in addition to regulating the relationship of the electronic insurance broker with insurance companies.

                The Saudi Arabian Monetary Authority invites the public, specialists and those interested in issuing the rules governing the electronic insurance brokerage business to express their views and observations before the date 16/03/1441 AH corresponding to 11/11/2019 by e-mail IC.Pol@SAMA.GOV.SA, noting that all the comments The notes will be the subject of study for the purpose of adopting the final version of these rules, which can be found through the link:

http://www.sama.gov.sa/ar-sa/Laws/Pages/InsurancePublicConsultation.aspx