News Middle East22 Jan 2025

Saudi Arabia:Cooperation to enhance criminal protection for the insurance sector

| 22 Jan 2025

The Insurance Authority of Saudi Arabia (IA) and the country's public prosecution department have agreed to cooperate to enhance their joint capabilities in combating criminal activities related to the insurance sector.

According to a press release issued by IA, the two organisations plan to achieve this through mutual coordination on cases related to criminal regulations and the exchange of information and data, particularly in combating fraud and violations associated with unlicensed insurance activities and supporting services.

The memorandum signed in December 2024 emphasises the importance of coordinating expertise between the two parties in criminal and supervisory fields through the organisation of training courses, workshops, and specialised seminars.

It also aims to develop the skills of personnel involved in detecting and proving violations subject to criminal accountability. The agreement includes joint efforts to address challenges in combating fraud in the insurance sector, through regular meetings to enhance cooperation and coordination on topics of mutual interest.

The memorandum also stipulates providing developmental suggestions that support data-driven decision-making and achieving the principle of preventive justice.

This step reflects the commitment of both parties to protect the insurance sector and enhance confidence in the judicial and regulatory system in the Kingdom.

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