RIYADH: Sales jobs in Saudi Arabia’s insurance sector are on track to be localized thanks to a new decision by the Saudi Insurance Authority.
Effective April 15, 2024, the decision comes amid efforts to support and empower national competencies and capabilities in the insurance sector, the Saudi Press Agency reported.
This move also aligns well with the Saudi Nationalization Scheme, one of the main factors driving the Kingdom’s Vision 2030. The idea is to empower Saudi nationals by offering improved education and employment opportunities in the coming years.
In addition, this comes based on the competencies and powers granted to the authority to regulate, supervise, and control insurance business in the region.
Under the new decision, insurance workers in the non-sales sector are not entitled to accept any commissions related to sales.
Moreover, the authority will monitor the implementation of the localization decision from the date of issuance until the target Saudization percentage is achieved.
This falls within the framework of the authority’s supervisory and oversight roles over the insurance sector.
Additionally, the anticipated impact of the new resolution is to enhance the localization of the sales sector, influencing not only the industry itself but also the overall Saudization rate throughout the Kingdom.
Consequently, this would contribute to developing specialized national competencies interested in the insurance sector and enhancing overall performance while boosting the quality of provided services.
The IA is designed to foster the role of the insurance sector in the Kingdom, which, in turn, will grow and enhance the market for locally operated Saudi, regional, and global businesses.
Before the IA’s establishment, the responsibilities of regulating and supervising the insurance sector rested on the Saudi Central Bank, also known as SAMA, and the Council of Health Insurance.
“The establishment of the Saudi Insurance Authority will serve the greater purpose of enhancing the Kingdom’s insurance sector, bolstering local infrastructure and creating an advanced, thriving ecosystem that empowers both Saudi-based, regional and global businesses — and, of course, the people, communities and businesses they serve,” Media spokesperson for Insurance firms in Saudi Arabi Adel Al-Eisa told Arab News in September.
