The Economic Committee in the House of Representatives is studying the unified insurance bill submitted by the government, after receiving the opinion of the Senate on it. The new legislation comes to achieve a number of goals, including:
Addressing what appeared in practical application over the past four decades of legislative and regulatory shortcomings regarding oversight of the insurance sector.
The need to keep pace with the changes in the market and technological development in the insurance sector.
Eliminate the turbulent legislative pluralism regarding the regulation of the insurance sector.
Developing market mechanisms and the competition they impose requires developing new rules on disclosure and governance.
Expanding the legislative regulation of new insurance branches that have not been regulated before.
The urgent need to set detailed rules to regulate professions and services related to insurance activity that have not been dealt with previously to protect the rights of policyholders and beneficiaries.
Reforming the legislative and supervisory systems related to private insurance funds.
The need to comply with relevant international standards.--
Enhancing customer protection tools (policyholders, beneficiaries and third parties).-
Accelerate digital transformation and encourage the use of financial technology.
Creating a safety net for society by expanding the scope of compulsory insurance.
Achieving insurance coverage.
Facilitate the Authority’s shift towards a risk-based control framework.
Creating an attractive climate for domestic and foreign investment.
Reach out to segments and groups of citizens through the organization of Takaful and micro-insurance formulas.
Extending the supervision umbrella over health care activity in an effort to support comprehensive health insurance.