SAMA Releases Draft of Insurtech Rules to Request Public Opinions

Monday 1443/3/12 - 2021/10/18
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Riyadh, October 18, 2021, SPA -- The Saudi Central Bank (SAMA) has released the draft of insurtech rules to receive public opinions and to strengthen the principle of transparency.
This comes in line with the SAMA's continuous efforts to develop the insurance sector and to keep abreast with developments in the insurance industry in general and insurance technology services in particular. In addition, supporting and enabling financial technology activities has led to the emergence of a number of Fintech companies and to the development of technology within insurance activities.
The draft rules aim to enable insurtech companies to execute their work in accordance with a regulatory framework that features flexibility of commitment, inclusiveness of organizational fundamentals and innovation. Such rules ensure protecting customers' rights in insurtech companies and encouraging fair competition in providing technical solutions and services to consolidate, stabilize and develop the sector. These rules also include the regulation of several basic pillars, such as provisions of engaging, licensing and obligations of practitioners on several levels, e.g., the technological environment-related obligations, the customer information accuracy and maintenance-related obligations, as well as general business behaviors, e.g., preserving customer rights, control and supervision.
SAMA looks forward, through the draft rules, to regulate the relationship between insurtech companies and their customers in a way that ensures the rights of all parties and provide appropriate services to beneficiaries.
SAMA invites the public, specialists and interested individuals to provide their views and observations on the draft rules within 30 days, noting that all views and observations will be under consideration for adopting the final version of these rules. This draft can be reached on the link: https://istitlaa.ncc.gov.sa/ar/Finance/SAMA/financialtechnology/Pages/default.aspx .
--SPA
12:31 LOCAL TIME 09:31 GMT
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