Major Developments of 2022

1. The draft Insurance Law has been prepared and submitted to the Council of Ministers for the purpose of completing the necessary procedures for its approval and issuance in accordance with the rules.
2. During 2022, the Insurance Companies’ Supervision Department continued reviewing the financial statements and actuarial reports, updating the risk registers, and the issuance of certificates of financial solvency for insurance companies. Reviewing the quarterly and semi-annual financial statements and final financial statements of the insurance companies contributes to achieving many objectives in the work environment, including: granting the PCMA’s no objection to publishing such data, and carrying out financial and technical analysis of insurance companies, and thus examining the companies’ ability to fulfil their obligations by reviewing the solvency margin (capital adequacy), and issuing solvency certificates. The PCMA has also worked on issuing the periodic statistical database for the insurance sector, developing the risk-based control methodology, as well as following up on insurance companies regarding the preparations and procedures undertaken by the PCMA in preparation for the implementation of the International Financial Reporting Standards No. 9 and 17 (IFRS17 IFRS9).
3. A part of the annual plan for field visits to the headquarters of insurance companies and their branches was implemented, as 113 monitoring rounds were carried out during 2022, which focused on following up on the implementation of insurance companies and insurance professionals with the provisions of the Insurance Law and the secondary legislation issued pursuant thereto.
4. With respect to following up on complaints received by the PCMA, the Complaints Department dealt with 73 complaints submitted to it during the year 2022, out of which 67 complaints were dealt with and closed, while 5 complaints remained incomplete, and therefore cannot be considered, while one complaint is being followed up.
5. Approval was granted by the PCMA’s Board of Directors to license a new Takaful insurance company, “Al Baraka Islamic Insurance”, which is expected to start its operations in early 2023.
6. With respect to renewal of licenses for insurance companies and other insurance professionals for 2022, insurance licenses have been renewed for all insurance companies approved by the PCMA, as well as licenses for insurance professionals registered in the records of the General Administration of Insurance. Licenses for insurance professionals who failed to comply with the licensing conditions were cancelled.

Services provided to the Sector:

• Granting, declining and renewing practice licenses to insurance companies and insurance agents and professionals:

The licenses of insurance companies and insurance professionals have been renewed, as shown in the table below. One license was granted to a commission agent, 2 licenses to insurance brokers, and 2 licenses to insurance services management. In contrast, licenses for insurance professions were cancelled according to the directives in place, whereby seven licenses of insurance agents were revoked. The PCMA also renewed licenses to practice for insurance companies in 2022, as follows: