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Monday, Mar 27, 2023

Saudi Arabia issues license for first foreign insurance company branch

Saudi Arabia issues license for first foreign insurance company branch

The Saudi Central Bank (SAMA) announced on Monday the licensing of Cigna Worldwide Insurance Company; the first foreign health insurance company branch in Saudi Arabia.
The licensing of new foreign branch aims to fulfill the objectives of the “Rules for Licensing and Supervision of Branches of Foreign Insurance and/ or Reinsurance Companies in Saudi Arabia”.

It also comes as part of SAMA’s role in supporting financial stability and contributing to the national economic growth towards achieving the objectives of Saudi Vision 2030.

SAMA stated that this falls under SAMA’s initiatives to encourage foreign direct investments to increase competitiveness of the sector and utilize potentials of the Saudi economy.

Additionally, enabling new international entrants will enhance the quality of provided services, increase diversification of investors and introduce unique business models to the market.

SAMA reaffirmed its ongoing efforts to support financial sector as a whole, raise the level of effectiveness and flexibility of financial transactions and encourage innovation in financial services.

Consequently, enhancing the level of financial inclusion in Saudi Arabia and providing access to financial services by all segments of society.

SAMA stressed the importance of exclusively dealing with licensed and authorized financial institutions.
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