The Clap
The Saudi Central Bank has signed a Memorandum of Understanding with the Central Bank of the UAE with the aim of setting a general framework for cooperation activities in the field of supervision and control over the insurance sector in the two countries.
The Deets
The memorandum of understanding was signed in order to consolidate the role of supervision over the insurance sector in the UAE and KSA.
The memorandum came on the backdrop of a recent governmental agreement between the two countries, aimed at enhancing cooperation in the field of services and financial markets.
Memorandum of Understanding
The agreement will focus on joint work that relates to the sharing of supervisory and regulatory information, relevant to the insurance sector between the Saudi Central Bank and the Central Bank of the UAE.
The two parties also agreed to cooperate in training and to exchange supervisory expertise.
Why this Matters
Both central banks will cooperate in implementing international standards in their markets, the International Financial Reporting Standard, in particular, as well as the standards and recommendations issued by the IAIS and the IFSB.
Information related to suspicious activities, fraud in the insurance sector, and money laundering will also be shared.
UAE and KSA cooperate in the insurance sector 🏦
