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Governance, Risk and Compliance - The Saudi Arabian Insurance Industry

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Published Date : Jun 2015

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No. of Pages : 34 Pages


The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Saudi Arabia, including:
  • An overview of the insurance regulatory framework in Saudi Arabia.
  • The latest key changes and changes expected in Saudi Arabia's insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Saudi Arabia.
  • Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Executive summary

Timetric’s 'Governance, Risk and Compliance - The Saudi Arabian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Saudi Arabia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

  • This report covers details of the insurance regulatory framework in Saudi Arabia.
  • The report contains details of rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the Saudi Arabian insurance regulatory framework.
  • The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
  • The report provides details of taxation imposed on insurance products and companies.
Reasons to buy
  • Gain insights into the insurance regulatory framework in Saudi Arabia.
  • Track latest regulatory changes and expected changes impacting the Saudi Arabian insurance industry
  • Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country
  • Understand key regulations and market practices relating to various types of insurance product.

Key highlights
  • The Saudi Arabian Monetary Agency (SAMA) is responsible for the regulation and supervision of the Saudi Arabian insurance industry.
  • FDI is permitted up to 100% in Saudi Arabian insurance industry.
  • New classes of mandatory insurance were introduced for high-risk plants, factories and manufacturing facilities, effective from February 21, 2014.
  • Composite insurance is not permitted in Saudi Arabia; however, life insurers are permitted to operate health insurance business.
  • Non-admitted insurance is not permitted in the Saudi Arabian insurance industry.
Table of Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social insurance system
2.4.3 Third-party liability insurance for high-risk facilities
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Saudi Arabian Monetary Agency (SAMA)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Table

Table 1: Insurance Industry Definitions 
Table 2: Saudi Arabia – Life Insurance Regulatory Framework 
Table 3: Saudi Arabia – Property Insurance Regulatory Framework 
Table 4: Saudi Arabia – Motor Insurance Regulatory Framework 
Table 5: Saudi Arabia – Liability Insurance Regulatory Framework 
Table 6: Saudi Arabia – Investment Limits for Insurance Companies 
Table 7: Saudi Arabia – Corporate Tax Rates for the Financial Year 2015

List of Chart

Figure 1: Saudi Arabia – Insurance Regulatory Framework 
Figure 2: Saudi Arabia – Insurance Supervision and Control at Various Levels 
Figure 3: Saudi Arabia – Insurance Regulatory Frameworks for Company Registration and Operation

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