The Saudi Arabia Insurance Authority has approved licensing requirements for underwriting activities conducted by insurance companies and managing general agencies. Entities must obtain authorization before beginning operations, maintain a registered office in Saudi Arabia and hold minimum capital of SAR 1 million. Applicants must also maintain professional liability insurance of at least SAR 3 million, employ qualified underwriting specialists and meet governance, compliance and risk management standards. Applications must include statutory documents, an organizational structure, a business plan and a financial study. The authority is preparing to receive applications under the approved requirements.
2026-03-25Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority approves underwriting licensing requirements, sets SAR 1 million minimum capital
The Saudi Arabia Insurance Authority has approved licensing requirements for underwriting activities by insurance companies and managing general agencies. Licensees must maintain at least SAR 1 million in capital and SAR 3 million in professional liability insurance, alongside qualified staff and appropriate governance, compliance and risk management arrangements.