SAMA issues regulations to set up, manage health insurance risk pools via brokers

The Saudi Central Bank (SAMA) issued regulations governing setting up and managing health insurance risk pools through brokers, according to a statement.

The rules aim to organize setting up and managing these pools in addition to providing affordable insurance coverage at low prices.

Health insurance risk pools for small and medium enterprises (SMEs) provide the best and most affordable insurance coverage offers in line with certain terms, which ensure competitiveness.

Further, these regulations will allow SAMA-licensed brokers to develop and manage risk pools based on their ability to negotiate with insurance companies on behalf of the SMEs in order to meet the employers’ aspirations. They reflect SAMA’s constant efforts to develop the insurance industry.

In August 2020, SAMA invited all concerned parties to submit their views on a draft law to regulate creating and managing health insurance risk pools, data compiled by Argaam showed.