SAMA introduced new laws

The insurance supervisory body SAMA has introduced new regulations. Henceforth, insurers and reinsurers are called to adopt a risk management strategy covering their all activities. The new legislation also requires the appointment of two or several experts in risk management to the life and non life classes of business.
Finally a third legislation is designed to combat insurance fraud. SAMA indexes fraud into three categories: internal fraud involving the staff members of an insurance company, fraud perpetrated by an intermediary and another by a client or a third party.