SAMA seeks public input on draft marine insurance coverage instructions

Saudi Central Bank’s (SAMA) headquarters

Saudi Central Bank (SAMA) invited stakeholders and the public to send their feedback on the draft "Marine Insurance Coverage Instructions", via Istitlaa platform for 15 days as of today, May 8.

This initiative is part of SAMA's efforts to promote transparency and participation aimed at supporting the sector’s growth. This is by keeping pace with the latest developments in the insurance industry locally and internationally.

The proposed instructions, which were drafted in collaboration with the Transport General Authority, aim to develop a comprehensive regulatory framework for mandatory marine insurance coverage.

This is in addition to setting minimum limits for coverage and benefits, considering the nature of this insurance product, SAMA said.

It added that these instructions ensure compliance with international agreements, treaties and other requirements stipulated in the Commercial Maritime Law issued by Royal Decree No. (M/33), besides safeguarding consumer rights for the sector stability.