Saudi Arabia, one of the largest Islamic insurance markets in the world, has released a draft law on insurance financial technology rules as the Kingdom looks to support insurtech development.
The Saudi Central Bank (SAMA) is currently seeking market feedback on the draft rules until November.
“The draft rules aim to enable insurance financial technology practitioners to perform their work in accordance with a regulatory framework that ensures flexibility of commitment and stimulates innovation,” SAMA noted. The essence of the rules is to protect the rights of dealers with insurtech service providers, and to encourage fair competition in order to consolidate, stabilize and develop the sector. The rules cover licensing, technical environment, the accuracy and preservation of customer information, as well as general business behaviors, such as preserving customer rights, control and compliance.