The Saudi Central Bank (SAMA) seeks public consultation on the draft “Marine Insurance Coverage Instructions.”
SAMA invites stakeholders and public for their suggestions and observations on the draft Instructions by visiting the Public Consultation Platform at the National Competitiveness Center.
This initiative is part of SAMA’s efforts to promote the principle of transparency and participation aimed at supporting the growth of the sector by keeping pace with the latest developments in the insurance industry.
The proposed instructions were drafted in collaboration with the Transport General Authority for developing a regulatory framework for mandatory marine insurance coverage and for setting minimum limits for coverage and benefits, considering the nature of this insurance product.
Moreover, these instructions ensure compliance with international agreements, treaties and other requirements contained in the Commercial Maritime Law issued by Royal Decree No. (M/33) dated 05/04/1440 AH, besides safeguarding consumers’ rights for the sector stability.
Suggestions and observations on the draft instructions will be received within (15) days of this announcement for assessing their relevance in finalizing the draft. The draft is available on the Public Consultation Platform with the National Competitiveness Center: https://istitlaa.ncc.gov.sa/ar/Finance/SAMA/MarineInsuranceCoverageInstructionsDraft/Pages/default.aspx.