Saudi Insurance Authority officially begins operations

The Saudi Insurance Authority officially started its activities on 23 November 2023 as an independent regulator.

The Insurance Authority (IA) will regulate and supervise the insurance business in Saudi Arabia. According to its Chairman, Abdulaziz Al Boug, the IA intends to achieve a number of objectives, including improving the efficiency and stability of the market, and thus contributing to the realization of the objectives of the "Saudi Vision 2030" development plan.

Naji Al-Faisal Al-Tamimi has been appointed Chief Executive Officer (CEO) of the newly created entity.

The existing insurance regulations will remain in force until new legislation is issued by the IA.

Website: https://ia.gov.sa/en/index.html