Book an appointment with us, or search the directory to find the right lawyer for you directly through the app.
Find out moreThis comprehensive guide is designed to help you navigate the intricate landscape of family business and private wealth in the Middle East, where family businesses constitute approximately 60% of GDP and employ 80% of the workforce in the GCC, offering unparalleled opportunities for wealth creation and preservation.
Packed with insights, strategies, and expert advice from our talented lawyers, Legacy provides tailored solutions to the unique challenges of asset protection, succession planning, and dispute resolution in this dynamic region.Read the publication and equip yourself with the knowledge and tools necessary to thrive, whether you’re a seasoned investor, a family business owner, part of the next generation, or a newcomer exploring opportunities in the region.
Read NowThe Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved the establishment of a new unified and independent regulator for the insurance sector, the Insurance Authority (IA).
The new entity will commence operations 90 days after the Cabinet resolution. The resolution is not yet announced or published but we anticipate soon.
Prior to this Cabinet decision, the responsibilities in regulating and supervising the insurance sector rested with the Central Bank of Saudi Arabia (SAMA) and the Council of Health Insurance (CHI). Both will continue to function as regulators until the insurance-related competencies are fully transferred to IA by the end of the 90 day transition period.
IA will have the existing insurance mandate vested in SAMA and CHI according to the transition plan and a number of changes are anticipated, including:
According to SAMA’s FAQs for the Establishment of Insurance Authority, the current laws, regulations, rules and instructions issued by SAMA or CHI in the insurance sector will continue to be enforced and remain unchanged, until other overriding instructions are issued. This includes the current complaint handling processes of the Committee for Resolution of Insurance Disputes and Violations. The rights and responsibilities between the insurers, policyholders and beneficiaries will also remain unchanged.
The Cabinet decision reflects the Kingdom’s commitment under Vision 2030 to support the developments of the insurance sector, a key pillar that supports all other economic activities and transformation programs in the Kingdom.
We’ll keep you updated on further details of this change once the Cabinet resolution is published.
Al Tamimi & Company operates a specialist Insurance Practice to cater to all aspects of the Middle East’s insurance industry. We advise on both contentious and non-contentious matters and as a full-service law firm we are able to assist our clients in all industries and sectors on coverage, insurance disputes and risk management issues. For further information, please contact Anand Singh or Di Melody Huang.
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.