مبادئ تنظيم فروع شركات التأمين الأجنبية في المملكة العربية السعودية

This working document sets out the approach that will be applied to the regulation of branches of foreign insurance companies wishing to operate in Saudi Arabia. The overall approach that will be taken is that there should be a level playing field, between branches of foreign insurance companies and locally incorporated public joint stock companies. SAMA is requesting from interested foreign insurance companies who are seeking to operate as a branch in Saudi Arabia a written response/comments to this consultation document within 60 days of its publication on its website. The written

3. SAMA will not authorize a branch of a foreign insurance company or a branch of a foreign reinsurance company to operate in Saudi Arabia unless: 3.1 It maintains a presence and premises in the Kingdom appropriate to the nature and scale of its activities in Saudi Arabia. 3.2 It establishes appropriate management and accounting procedures in Saudi Arabia, which will enable the preparation of its accounts

concerning its business, carried on in Saudi Arabia and keep in Saudi Arabia all the necessary records for this business. 3.3 It designates the General Manager for the branch, who is

5. In addition to the information required under paragraph 4 above, a foreign insurance company wishing to obtain a licence to operate an insurance branch in Saudi Arabia must also supply the following: 5.1 A projection of world-wide premium income both gross and net of reinsurance ceded in each of the first five financial years following authorisation and broken down between Saudi Arabia and elsewhere.

5.2 A summary of the risks the company will underwrite outside Saudi Arabia.

5.3 A summary of the reinsurance arrangements for the business of the company written outside Saudi Arabia