Dallah Chairman says setting up Insurance Authority aims to restructure sector

Tarek Alkasabi, Chairman of Dallah Healthcare Co.

The establishment of the Insurance Authority is important to implement the program to develop and restructure the insurance sector as well as adjust its governance, Al Riyadh newspaper reported, citing Tarek Alkasabi, Chairman of Dallah Healthcare Co.

He added that this is one of the Vision 2030 programs to develop the Saudi insurance sector.

The decision aims to boost the sector's contribution to GDP as well as job creation, in addition to encouraging domestic and foreign investments, the Chairman said. He added that the move will also help address obstacles and find practical solutions to the insurance system issues.

The insurance sector will enter a new phase of governance and find urgent solutions to its challenges.

The new entity also seeks to complement the roles of the Saudi Central Bank (SAMA) and the Council of Health Insurance (CHI) in organizing the insurance sector and protecting the rights of insured persons.

The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved earlier this month the establishment of the Insurance Authority, Argaam earlier reported.