The committee met brokerage companies, with the Saudi Central Bank represented, to review achievements, challenges and initiatives.
The General Committee for Insurance and Reinsurance Brokers held its first meeting with brokerage companies on Wednesday 15/09/2021, chaired by Mr. Salem Al Sulaiman, Chairman of the General Committee, with the chairs of the sub-committees and their deputies, and the Saudi Central Bank (SAMA) representative, Mr. Mohammed Al-Harthi.
The committee reviewed its achievements, including forming the Legal & Compliance Committee and its initiatives (compliance solutions, internal audit and policy development) and the Training & Development Committee initiative for a unified, sector-wide training agreement with specialised centres. It also discussed a comparative survey of the brokerage sector in Saudi Arabia and abroad to adopt international best practice.
Achievements included a seat on the Permanent Committee for Health Insurance chaired by the Council of Health Insurance, with ongoing projects to qualify and classify health-insurance brokers and to standardise quotation templates.
The committee also discussed challenges raised with SAMA, including that jurisdiction over reinsurance disputes should rest with Saudi courts. The Chairman and sub-committee chairs thanked all attendees.
Gallery
