H.E. Mr. Ayman Al-Sayari, Governor of the Saudi Central Bank (SAMA), congratulated the Insurance Authority (IA) on commencing its duties.

It is worth mentioning that the Council of Ministers has issued Decision No. 85 on 28/1/1445AH, officially approving the establishment of the Insurance Authority. According to the decision, the Authority would commence its duties after a 90-day period from the date of the official announcement in the newspaper. 

In his statement, Al-Sayari stated “we look forward to the Insurance Authority to build on SAMA’s process in developing the insurance sector thru a conducive legislative and supervisory environment   to create robust insurance entities capable of competing and supporting the insurance sector in particular and the national economy in general.”

Al-Sayari expressed profound gratitude to all entities who have contributed to the establishment of the Insurance Authority, including Ministry of Finance, Ministry of Human Resources and Social Development, Ministry of Health, Financial Sector Development Program, and the Council of Health Insurance.

In conclusion, the Governor reaffirmed SAMA’s commitment to supporting the Insurance Authority commensurate with its objectives of safeguarding the monetary and financial stability in the Kingdom.​