The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.Read the full edition
The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved the establishment of a new unified and independent regulator for the insurance sector, the Insurance Authority (IA).
The new entity will commence operations 90 days after the Cabinet resolution. The resolution is not yet announced or published but we anticipate soon.
Prior to this Cabinet decision, the responsibilities in regulating and supervising the insurance sector rested with the Central Bank of Saudi Arabia (SAMA) and the Council of Health Insurance (CHI). Both will continue to function as regulators until the insurance-related competencies are fully transferred to IA by the end of the 90 day transition period.
IA will have the existing insurance mandate vested in SAMA and CHI according to the transition plan and a number of changes are anticipated, including:
According to SAMA’s FAQs for the Establishment of Insurance Authority, the current laws, regulations, rules and instructions issued by SAMA or CHI in the insurance sector will continue to be enforced and remain unchanged, until other overriding instructions are issued. This includes the current complaint handling processes of the Committee for Resolution of Insurance Disputes and Violations. The rights and responsibilities between the insurers, policyholders and beneficiaries will also remain unchanged.
The Cabinet decision reflects the Kingdom’s commitment under Vision 2030 to support the developments of the insurance sector, a key pillar that supports all other economic activities and transformation programs in the Kingdom.
We’ll keep you updated on further details of this change once the Cabinet resolution is published.
Al Tamimi & Company operates a specialist Insurance Practice to cater to all aspects of the Middle East’s insurance industry. We advise on both contentious and non-contentious matters and as a full-service law firm we are able to assist our clients in all industries and sectors on coverage, insurance disputes and risk management issues. For further information, please contact Anand Singh or Di Melody Huang.