The Saudi Arabian Central Bank (SAMA) and the Central Bank of the United Arab Emirates have signed a Memorandum of Understanding (MoU) on 18 September 2022. The agreement aims at establishing a framework for cooperation in the supervision and control of the insurance sector in the UAE and Saudi Arabia.
The MoU focuses on joint efforts between the two regulators in the exchange of prudential and regulatory information, including solvency rules, technical reserve calculations, investment policy rules and procedures for the supervision and monitoring of insurance companies.
The partnership also includes the exchange of information regarding suspicious activities such as insurance fraud [4], money laundering and terrorist financing.
The two entities will work on implementing international standards in both markets, including the International Financial Reporting Standards ( IFRS [5] ), among other things.