Coordination Between Insurance Unit and Interior Ministry to Regulate the Sector

The Insurance Regulation Unit held a coordination meeting with the Ministry of Interior to discuss mechanisms for enhancing compliance with the provisions of the Insurance Regulation Law, its executive regulations, and the decisions issued thereunder, as well as related laws and legislation governing the insurance sector. In a statement, the Unit emphasized the importance of strengthening cooperation and joint coordination through organizing joint inspection campaigns to monitor violations committed by sector employees and to take the necessary legal action against those found in violation.

The statement quoted the Unit’s head, Mohammed Al-Otaibi, as saying, “The Unit has recently identified certain non-compliant practices by some employees in the insurance sector, whether concerning the decisions issued by the Unit or related laws and regulations.” Al-Otaibi stressed that the Unit would not tolerate any violations and would take the legal measures, sanctions, and disciplinary actions permitted by law against anyone proven to have violated the law or attempted to circumvent the provisions of the laws and decisions regulating the sector, regardless of their position or role within the industry. This approach aims to protect policyholders’ rights and preserve the integrity and stability of the insurance market.

He added that since its establishment, the Unit has been keen to issue regulatory decisions aimed at developing the insurance sector, raising the level of discipline and compliance, and strengthening the protection of policyholders’ rights.

For his part, Brigadier General Haqqawi Abdulaziz Al-Omar, Head of the Security Directorates Affairs Sector at the Ministry of Interior, emphasized in the statement the Ministry’s commitment to maintaining public order and enhancing compliance with applicable laws and regulations across various sectors of the country. He commended the cooperation and coordination with the Insurance Regulation Unit, noting that such collaboration contributes to consolidating the rule of law and raising the level of compliance and discipline in the insurance sector. Al-Omar stated that the Ministry would take, within its jurisdiction and in accordance with established legal procedures, all necessary actions against proven violations to ensure respect for the laws and decisions governing the sector and to prevent any disruption to public order, while activating the agreed-upon measures within the approved legal and procedural frameworks.