Insurance Regulatory Unit and Interior Ministry Discuss Mechanisms to Strengthen Compliance with Insurance Sector Laws
Unit Head Mohammed Al-Otaibi and the Ministry of Interior emphasized enhancing cooperation and joint inspections to ensure compliance with insurance sector laws and protect consumer rights.
Translated by Qiyas from الراي — Original source
The unit stated in a statement issued on Wednesday that the meeting underscored the importance of enhancing cooperation and joint coordination through organizing joint inspection campaigns to monitor violations committed by workers in the sector and to take the necessary legal action against those found to have violated regulations.
The statement quoted the unit’s chairman, Mohammed Al-Otaibi, as saying, “The unit has recently identified certain non-compliant practices by some workers in the insurance sector, whether concerning decisions issued by them or related laws and regulations.”
Al-Otaibi emphasized 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 regulations or attempted to circumvent the laws and decisions governing the sector, regardless of their position or role, in order to safeguard the rights of clients and maintain 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 within it, and strengthening the protection of clients’ rights.
For his part, according to the statement, Brigadier General Haqqawi Abdulaziz Al-Omar, head of the Security Directorates Affairs Sector at the Ministry of Interior, affirmed the ministry’s commitment to preserving public order and enhancing adherence to prevailing laws and regulations across various sectors of the country. He praised the cooperation and coordination with the unit, which 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 applicable legal procedures, all necessary measures against proven violations to ensure respect for the laws and regulations governing the sector and to prevent any disruption of public order, noting the activation of agreed-upon measures within the established legal and procedural frameworks.
The statement further noted that both sides reaffirmed the necessity for sector workers and entities subject to the provisions of the Insurance Regulation Law to comply with all laws, regulations, and decisions issued by competent authorities, and for regulated companies to ensure that their employees adhere to applicable legal and regulatory requirements to avoid legal action.
