Only Saudis to sell retail insurance products by 2018, says SAMA

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance regulator, has ordered insurance firms to ensure that retail insurance products are only sold by Saudis by Feb. 1, 2018, the central bank said in a statement.

The sale and marketing of such products by non-Saudis is prohibited, regardless of job or contractual relationship with insurance companies or brokers.

Insurers are required to submit regular reports on the procedures taken to implement the decision, the central bank added.

The central bank has ordered insurance firms to set Saudization rates at 100 percent maximum by July 2, 2017 in posts related to auto insurance claims, customer services, customer complaints, Argaam earlier reported.