Insurance
Insurance law in Saudi Arabia is regulated by a comprehensive legal framework designed to ensure the stability and integrity of the insurance market, protect policyholders, and promote transparency and fairness. The Saudi Arabian Monetary Authority (SAMA) is the primary regulatory body overseeing the insurance sector.
Key Components of Insurance Law
Governing Legislation
Cooperative Insurance Companies Control Law
Implementing Regulations
Regulatory Body
Saudi Arabian Monetary Authority (SAMA)
Types of Insurance
General Insurance
Health Insurance
Life Insurance
Key Provisions and Requirements
Licensing and Supervision
Consumer Protection
Solvency and Capital Adequacy
Claims Handling
International Treaties and Agreements
World Intellectual Property Organization (WIPO)
Paris Convention for the Protection of Industrial Property
Berne Convention for the Protection of Literary and Artistic Works
Patent Cooperation Treaty (PCT)
Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)
Recent Developments and Reforms
Digital Transformation
Enhanced Consumer Protection
Alignment with International Standards
The insurance law in Saudi Arabia provides a robust framework for regulating the insurance sector, ensuring consumer protection, financial stability, and compliance with Sharia principles. With ongoing reforms and digital initiatives, the Saudi insurance market is poised for growth and modernization, aligning with the broader goals of Vision 2030.