Insurance Sector

The insurance sector in the Kingdom is witnessing rapid growth supported by Vision (2030), with a market size exceeding (70 billion riyals) and annual growth exceeding (14%) in health, vehicle, and property insurance, under the supervision of the Saudi Central Bank (SAMA) and the Insurance Authority.

Licensing

• Preparing insurance licensing requirements
• Organizing insurance brokerage licensing
• Drafting internal regulations in accordance with (SAMA) requirements
• Calibrating governance procedures and internal regulations
• Reviewing anti-money laundering policies in insurance activity
• Examining insurance products before launch

Contracts and Policy Documents

• Drafting insurance policy documents of all types (health, vehicle, property, engineering, marine, civil liability, travel, agricultural, and others)
• Reviewing insurance policy documents for compliance with (SAMA) regulations and the Insurance Committee
• Auditing clauses on exclusions, coverage limits, and claim deadlines
• Determining the responsibilities between the insurance company and the insured
• Modifying or customizing group or individual insurance policies based on the client's needs
• Reviewing contracts between insurance companies and service providers such as hospitals

Disputes

• Representation before the competent Insurance Committee
• Filing lawsuits regarding claim refusal or reduction of compensation amounts
• Drafting objection memoranda and submissions
• Claiming compensation for damages resulting from delay or refusal to pay entitlements
• Activating arbitration procedures

Compensation

• Submitting claims according to statutory procedures
• Reviewing documents and satisfying conditions
• Legal assessment of the claim before submission
• Objecting to compensation refusal decisions
• Representation in compensation claims before committees and courts
• Amicable negotiation and dispute settlement