The Saudi Central Bank (SAMA) has released a new set of draft rules for the insurtech sector in the country, which aim to ensure the rights of both companies and customers.
SAMA says the draft rules are designed to enable insurtech firms to execute their work in accordance with a regulatory framework that features flexibility of commitment, inclusiveness of organizational fundamentals and innovation.
“Such rules ensure protecting customer’s rights in insurtech companies and encouraging fair competition in providing technical solutions and services to consolidate, stabilize and develop the sector,” it explained
The rules also focus on the regulation of several basic pillars, such as provisions of engaging, licensing and obligations of practitioners on several levels.
These include, for example, technological environment-related obligations, customer information accuracy and maintenance-related obligations, as well as general business behaviors, such as preserving customer rights, control and supervision.
SAMA has invited the public and the re/insurance industry to share their views on the proposed rules over the next month, before it commits to adopting a final version of the rules.