For the supervision and control of the insurance sector in these countries, the UAE and Saudi central banks will establish a framework of cooperation.

The MoU is part of an agreement signed by the two on financial services and markets, and their regulators' 'effort to promote mutual co-operation and common interests' in the insurance sector.

In addition to the standards and recommendations issued by the International Association of Insurance Supervisors and the Islamic Financial Services Board, regulators will also work together to implement international standards in their markets.

The cooperation will extend to:

1. Exchange of supervisory and regulatory information, including solvency-related information.

2. Including cross-border insurance companies, the calculation of technical allocations, investment policy rules, and procedures related to supervision, follow-up, and enforcement.

3. The exchange of information related to suspicious activities, insurance fraud, money laundering, and terrorist financing.

4. A joint training program will be organized, as well as an exchange of licensing experiences and coordination of standards and recommendations issued by relevant international organizations.

"SAMA looks forward to working with the Central Bank of the UAE to strengthen the integrated economic system between the two countries in the field of insurance," said Saudi Central Bank Governor, Dr. Fahad bin Abdullah Al Mubarak.