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International

Regulator looks for experience under new rules for foreign insurers

December 19, 2018 Reprints

The Saudi Arabian Monetary Agency has issued regulations under which foreign insurers and reinsurers need to be licensed in their home jurisdiction prior to setting up a branch in the country, Middle East Insurance Review reported. The regulator also said that the insurer should have underwritten the proposed line of business for three years in its home jurisdiction. Insurers need to place at least 100 million Saudi Arabian riyals ($26.7 million) with the branch while reinsurers need to place SAR 200 million before commencing operations in the country, the regulator added.

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Regulator looks for experience under new rules for foreign insurers

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