Insurance Authority Discusses Strengthening Compliance with Sector Regulations with Interior Ministry - Sarmad

(KUNA) – The Insurance Regulation Unit held a coordination meeting with the Ministry of Interior to discuss mechanisms for strengthening 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 on Wednesday, the Unit emphasized the importance of enhancing cooperation and joint coordination through organizing joint inspection campaigns to monitor violations committed by sector employees and to take necessary legal action against those found to be 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 decisions issued by them or related laws and regulations.”

Al-Otaibi stressed that the Unit would not tolerate any violations and would take all legal measures, procedures, and penalties permitted by law against anyone proven to have violated the law or attempted to circumvent the provisions of the laws and regulations governing the sector, regardless of their position or role, in order 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 within it, 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 order and enhancing compliance with prevailing laws and regulations across various sectors of the state. 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, while activating agreed-upon procedures within the established legal and procedural frameworks.

The statement noted that both sides also stressed the necessity for sector employees and entities subject to 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.