The Saudi Central Bank (SAMA) seeks public consultation on the draft “Rules for Loss Adjusters and Loss Assessors”. In the interest of transparency and wider participation, SAMA invites stakeholders and public to provide suggestions and observations on the draft by visiting the Public Consultation Platform with the National Competitiveness Center.
The step comes in continuation with SAMA’s efforts for developing the Insurance sector, particularly insurance services providers, to support and develop the practice of the Loss Adjusters and Loss Assessors in the Kingdom.
The Rules aim at providing a comprehensive flexible legal framework for the Loss Adjusters and Loss Assessors practices and set the bare minimum requirements for their work, and regulate the relationship between them and their clients, for enhancing efficiency of the sector compatible with the insurance industry.
Finally, participants are expected to provide their input on the draft within (15) days from this publication, for assessing its relevance in finalizing the text. The draft is available on the Public Consultation Platform with the National Competitiveness Center link: