Saudi Arabia: Merged Insurance Companies Exempt From Qualification Financial Requirement
Saudi Arabia’s Cooperative Health Insurance Council has announced it is exempting merged small and medium insurance companies from the financial requirement for qualification. They will be exempt for up to three years in line with new terms and conditions. The aim of the policy is to improve the quality of health services by creating economic entities able to offer high quality services as part of the 2022-2024 health strategy to empower the health insurance sector. The official spokesperson for the Council said they have prepared the initiative and a work plan to support the merging of insurance companies. They have also signed an agreement with the Competition General Authority to encourage companies to merge.