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17 November 2019
INSURANCE

SAMA updates actuarial regulations for insurance sector

The regulator invites the general public, specialists and those interested in the draft actuarial controls of insurance and reinsurance companies; to give their views and observations within 30 days.

BLOOMBERG/SIMON DAWSON


The Saudi Arabian Monetary Authority (SAMA) has updated actuarial regulations of insurance and reinsurance companies and is calling on the public and interested parties to provide their comments and views on the draft project.

SAMA stated that the insurance sector is one of the most important financial sectors targeted by the Kingdom's Vision 2030, as a supportive sector for economic growth, thus, risk management procedures and statutory legislation need to be developed to meet the requirements of the insurance industry.

The regulator also seeks to protect policyholders as well as develop and regulate the performance of actuaries in addition to the development of promising career and professional opportunities for young Saudis.

Saudi Arabia said that actuary plays an important role in the design and pricing of products, in addition to work on financial reports and risk management and internal audit. 


RELATED STORIES: SAUDI ARABIAN MONETARY AUTHORITY INSURANCE

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