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SAMA Issues Rules Governing Forming and Managing Health Insurance Risk Pools through Brokers

SAMA Issues Rules Governing Forming and Managing Health Insurance Risk Pools through Brokers
1 Jul

Riyadh,SPA:
The Saudi Central Bank (SAMA) announced the issuance of the Rules governing Forming and Managing Health Insurance Risk Pools through Brokers. The rules aim to regulate and develop the mechanism of forming and managing health insurance risk pools and providing access to suitable insurance coverage at low costs. This emanates from the central bank's ongoing efforts to develop the insurance sector, support SMEs and facilitate access to suitable insurance coverage at affordable prices.
SAMA clarified that Health insurance risk pools provides SMEs the ability to secure the best health insurance coverage at the best prices and insurance coverages in light of a set of rules, which ensure quality of services provided and fair competition. Besides, these rules enable insurance brokers licensed by SAMA to develop and manage risk pools based on their ability to negotiate with insurance companies on behalf of the SMEs in order to meet the employers' aspirations.
Issuance of these rules is a part of SAMA's efforts aimed at preserving the rights of the insurance parties and responding to evolving client needs by setting a regulatory framework for the risk pooling, in addition to regulating the relationship between the employer, the broker and the insurer.
These Rules which have been adopted following SAMA's presentation of the draft Rules to public, experts, and stakeholders to submit their views and comment where they were carefully studies and considered for the final version when appropriate.
SAMA appreciated the efforts and the continuous cooperation being provided by the relevant authorities, most notably the Small and Medium Enterprise General Authority and the Council of Cooperative Health Insurance, as the Rules were developed in coordination with these authorities.

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