Starting from April 15th, 2024, Saudi Arabia is set to usher in a significant change by localizing insurance product sales jobs within the Kingdom. The Insurance Authority has declared that effective mid-April, all roles related to the sale of insurance products will undergo Saudization.

Commission Exclusivity for Sales Specialists:

According to the new directive, insurance professionals not specializing in sales will no longer be eligible for commissions tied to sales. The Insurance Authority is committed to ensuring the swift implementation of Saudization measures, persisting until the designated Saudization percentage is achieved.

Empowering National Skills in Insurance Sales:

This decisive move falls within the regulatory powers of the Insurance Authority, promising substantial impacts on both the insurance sector and overall Saudization rates in the Kingdom. Furthermore, the initiative aims to cultivate specialized national skills in the insurance field, fostering an improvement in overall performance and service quality.

Strategic Decision for Sector Enhancement:

The announcement, spearheaded by the recently established Insurance Authority, underscores its commitment to enhancing the efficiency of the insurance sector. The decision aligns with the objective of fortifying national competencies and capabilities within the insurance industry. The authority, equipped with the requisite skills and capabilities, is poised to steer and regulate this transformative process effectively.