Saudi Central Bank Announces Licensing First Foreign Insurance Company Branch in Saudi Arabia
Riyadh-- The Saudi Central Bank (SAMA) announces the licensing of Cigna Worldwide Insurance Company, the first foreign health insurance company branch in Saudi Arabia.
The licensing of new foreign branches aims to fulfill the objectives of the “Rules for Licensing and Supervision of Branches of Foreign Insurance and Reinsurance Companies in Saudi Arabia”. This comes as part of SAMA’s role in supporting financial stability and contributing to the national economic growth toward achieving the objectives of Saudi Vision 2030.
SAMA stated that this falls under the organization's initiative to encourage foreign direct investment to increase the competitiveness of the sector, and utilize the potential of the Saudi economy. Additionally, enabling new international entrants will enhance the quality of provided services, increase the diversification of investors, and introduce unique business models to the market.
SAMA reaffirms its ongoing efforts to support the financial sector to raise the effectiveness and flexibility of financial transactions and encourage innovation in financial services. Consequently, this will enhance financial inclusion in Saudi Arabia and provide access to financial services by all segments of society.
SAMA stresses the importance of exclusively dealing with licensed and authorized financial institutions. To verify the licensed financial institutions, please visit SAMA’s official website.
Source: Saudi Press Agency