Marine Insurance Coverage Instructions Take Effect

The Saudi Central Bank (SAMA) has announced the issuance of the Marine Insurance Coverage Instructions as part of the ongoing effort to regulate and advance the insurance sector and protect the rights of beneficiaries.

The instructions, drafted in coordination with the Transport General Authority, establish a comprehensive regulatory framework for mandatory and non-mandatory marine insurance and set the minimum limits for coverage and benefits.

The instructions aim to ensure compliance with the international agreements ratified by Saudi Arabia and the Commercial Maritime Law issued by a royal decree and its relevant regulations. The instructions will contribute to improving the quality of insurance services and ensuring the right protection for all beneficiaries of marine insurance products.

The draft instructions were published earlier on the National Competitiveness Center’s Public Consultation Platform for stakeholders and the public to provide their views and comments.

The Marine Insurance Coverage Instructions are available on SAMA’s official website at https://www.sama.gov.sa/en-us/rulesinstructions/pages/insurancerulesandregulation.aspxa