Saudi Arabia’s insurance industry will be competitive, properly controlled and fully accountable for the first time following the recent approval of a new insurance law. Modernization is expected to benefit not only those buying insurance but also to have a positive impact through the whole economy.
Until now, there has been only one approved local insurance company, the National Company for Co-operative Insurance (NCCI), which was set up by royal decree and has until now been regulated by the commerce ministry.
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