The Insurance Regulatory Unit (IRU) has held a coordination meeting with the Ministry of Interior to discuss mechanisms for enhancing compliance with the provisions of the Insurance Regulation Law, executive regulations and decisions, in addition to other laws and legislation related to the insurance sector.
The meeting was attended by the IRU Head, Mr Mohammed Suleiman Al-Otaibi; the Director of the IRU’s Legal Department, Mr Talal Al-Muharib; and the Head of Security Directorates Affairs Sector, Brigadier General Abdul Aziz Bandar Al-Omar, who represented the Interior Ministry, according to a statement released by the IRU on 7 October.
During the meeting, Mr Al-Otaibi pointed out that a number of violations had been observed in the insurance sector, including violations of some laws and regulations and attempts to circumvent their provisions, stressing that the Unit will not be lenient in imposing penalties and taking all necessary measures to ensure that all workers in the sector comply with the relevant laws, regulations and decisions.
Both sides stressed the importance of strengthening frameworks for cooperation and coordination to raise the level of commitment and discipline in the insurance sector, through organising joint inspection campaigns aimed at monitoring violations in the sector, taking the necessary legal measures against those found to be in violation, and not tolerating any practices that would violate or circumvent the law.
In this context, the head of the Insurance Regulation Unit, Mr Mohammed Suleiman Al-Otaibi, said, “"Since the establishment of the Unit, we have been keen to issue a set of regulatory decisions aimed at developing the insurance sector, raising the level of discipline and compliance in it, and enhancing the protection of the rights of customers. The Unit has recently observed some violations by a number of employees in the insurance sector, whether with regard to the decisions issued by the Unit or to the relevant laws and regulations.
“Accordingly, coordination with the Ministry of Interior was established to conduct joint inspection campaigns aimed at identifying and addressing violations within the approved legal frameworks. The Unit will not hesitate to take all actions, measures, and penalties permitted by law.” The IRU was established on 1 September 2019.
For his part, Brigadier Al-Omar said, "The Ministry of Interior is keen to maintain order and promote compliance with applicable laws and regulations in various sectors of the state. We value the cooperation and coordination with the Insurance Regulatory Unit, which contributes to consolidating the rule of law and raising the level of commitment and discipline in the insurance sector.
“The Ministry, within its jurisdiction and in accordance with applicable legal procedures, will take the necessary measures against any violations that are proven to have been committed, in order to ensure respect for the laws and regulations and to avoid disrupting public order. The agreed-upon procedures will also be activated in accordance with the approved legal and procedural frameworks.”