Practical Law Country Q&A 3-577-5486 (Approx. 28 pages)
Insurance and Reinsurance in Saudi Arabia: Overview
by Justin Whelan, John Barlow, Thomas Neighbour, and Jake Whitfield, Holman Fenwick Willan Middle East LLPMohammed Abdulrahman Alkhliwi, HFW in association with Mohammed Al Khiliwi
A Q&A guide to insurance and reinsurance in Saudi Arabia.
The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; authorisation of insurers, reinsurers, and insurance intermediaries; ownership restrictions; ongoing requirements; penalties for non-compliance; sales and marketing of insurance and reinsurance services; regulation of the transfer of risk; the regulation of insurance and reinsurance contracts; content requirements for policies and implied terms; insurance and reinsurance claims; dispute resolution; insolvency; tax remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform.