SAMA issues marine insurance coverage instructions

The Saudi Central Bank (SAMA) issued marine insurance coverage instructions, as part of its efforts to regulate, supervise and control the insurance sector.

This also aims to preserve the rights of customers, as well as support and develop the local insurance sector, SAMA said in a statement.

The instructions seek to establish a comprehensive and regulatory framework for mandatory and non-mandatory marine insurance coverage. This is in addition to determining the acceptable minimum limits for benefits and coverage.

The instructions were prepared in cooperation with the Transport General Authority, to ensure compliance with the provisions of international agreements and treaties to which the Kingdom has joined, as well as the provisions of Commercial Maritime Law and related regulations.

According to SAMA, the instructions will probably contribute to boosting the quality of insurance services and preserving the rights of the insured and beneficiaries of marine insurance products.

In May, SAMA invited stakeholders and the public to send their feedback on the draft marine insurance coverage instructions via Istitlaa platform, according to data available with Argaam.