Logo ofInsurance Authority (IA)
The Insurance Authority (IA) published the draft regulations forcaptiveinsurance companies on the public consultation platformIstitlaa, withthe feedback windowopen until March16. 
The proposed regulations aim to establish licensing requirements and operational conditions forcaptiveinsurance companies andcaptiveinsurance management companies, while ensuring effective supervision and oversight to promote fairness and transparency in thecaptiveinsurance sector.
Moreover, the regulationsshallapply to allcaptiveinsurance companies,captiveinsurance management companies, and any entities or individuals engaged in such activities within Saudi Arabia, as well as any other parties specified under the regulations.
The draftrules consist of 60 articles divided into 12sections, covering keyareas: Preliminary provisions, conduct of restricted insurance business,captiveinsurance management companies, operational practices, capital requirements, eligible own funds and investment, administrative and control functions, asset and liability valuation, actuarial reporting requirements, transfer ofcaptiveinsurance business, run-off phase procedures and final provisions.
According to the draft, acaptiveinsurance company is defined as a locally established company or foreign branch licensed by the authority, whose primary purpose is to conductcaptiveinsurance business in accordance with the proposed regulations.
Logo ofInsurance Authority (IA)
The Insurance Authority (IA) published the draft regulations forcaptiveinsurance companies on the public consultation platformIstitlaa, withthe feedback windowopen until March16.
The proposed regulations aim to establish licensing requirements and operational conditions forcaptiveinsurance companies andcaptiveinsurance management companies, while ensuring effective supervision and oversight to promote fairness and transparency in thecaptiveinsurance sector.
Moreover, the regulationsshallapply to allcaptiveinsurance companies,captiveinsurance management companies, and any entities or individuals engaged in such activities within Saudi Arabia, as well as any other parties specified under the regulations.
The draftrules consist of 60 articles divided into 12sections, covering keyareas: Preliminary provisions, conduct of restricted insurance business,captiveinsurance management companies, operational practices, capital requirements, eligible own funds and investment, administrative and control functions, asset and liability valuation, actuarial reporting requirements, transfer ofcaptiveinsurance business, run-off phase procedures and final provisions.
According to the draft, acaptiveinsurance company is defined as a locally established company or foreign branch licensed by the authority, whose primary purpose is to conductcaptiveinsurance business in accordance with the proposed regulations.
