UAE Central Bank and Sama sign preliminary deal to supervise insurance sector – The National
- Date: 21-Sep-2022
- Source: The National
- Sector:Financial Services
- Country:UAE
UAE Central Bank and Sama sign preliminary deal to supervise insurance sector – The National
The Central Bank of the UAE signed a preliminary agreement with the Saudi Central Bank, better known as Sama, to establish a general framework for the supervision of the insurance sector in both countries.
As part of the agreement, the two countries will exchange supervisory and regulatory information related to solvency rules, the calculation of technical allocations, investment policy rules, and procedures related to supervision, follow-up, and enforcement of regulations on insurance companies, including cross-border companies, the UAE central bank said on Tuesday.
The UAE and Saudi Arabia will also exchange information related to suspicious activities, fraud in the insurance sector, money laundering and terrorist financing.
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