Saudi Arabia begins implementing the decision to localize insurance product sales today

“Today, Monday, witnessed the implementation of a decision by the Saudi Arabian Monetary Authority to localize all sales positions in the insurance products sector, aiming to support and enhance the effectiveness of the insurance sector, as well as to empower national talents and capabilities within the industry.

This step comes in line with the authorities’ efforts to bolster the local economy and achieve sustainable development in the Kingdom of Saudi Arabia.

By localizing sales positions in the insurance products sector, opportunities for greater citizen participation in the workforce are created, providing sustainable and suitable employment opportunities for national talents.

This decision is based on the powers granted to the Saudi Arabian Monetary Authority under the regulations governing insurance operations in the Kingdom and its supervision, as per the regulations of the Saudi Arabian Monetary Authority issued by the Council of Ministers under Decision No. (85) dated 28/01/1445 AH.

The decision specifies that non-Saudi workers in sales positions will not be entitled to any sales-related commissions. The Saudi Arabian Monetary Authority will closely monitor the implementation of the localization decision from its issuance date until the targeted localization rate is achieved, within the framework of supervision and control over the insurance sector.

It is expected that this decision will have a significant impact on the insurance sector and the national economy as a whole, contributing to the enhancement and development of national capabilities and opening up opportunities for Saudi youth to participate in this vital sector.

It is also important to emphasize that this decision will not affect the quality of services provided in the insurance sector. Rather, it will contribute to raising the level and improving the quality of services by providing trained and specialized national talents in the field.

In light of this decision, the Saudi authorities are preparing to enter the second phase of localizing advisory services professions, which is expected to significantly enhance national capabilities and develop human resources in the Kingdom.

Thus, the insurance sector in Saudi Arabia is moving towards further development and growth, by enhancing the role of national talents and developing the services provided, with the aim of achieving sustainable development and strengthening the national economy.”