Draft law regulating Saudi insurtech activity

The Saudi Central Bank (SAMA) has published a draft law regulating the activities of insurtechs in the Kingdom. The text allows these start-ups to operate within a regulatory framework.

With this initiative, the supervisory authority hopes to consolidate and develop the insurance sector in Saudi Arabia.

The project concerns the accuracy of customer data, maintenance obligations, compliance with customer rights, monitoring and supervision.

SAMA seeks comments on the draft from experts and the public by 16 November 2021.