Fsdp Quarterly Newsletter Q3 2024 Vf · Page 9

 
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MHRSD and IA launch a product to cover the dues of 
expatriate workers in the event of default 
The Ministry of Human Resources and Social Development 
and the Insurance Authority launched the "Insurance 
Product" to cover the dues of expatriate workers in 
private sector establishments in the event of default; 
with the aim of protecting them and reducing the impact 
of not obtaining their financial rights, in the event that 
establishments default and are unable to commit to 
paying wages for a specific period. 
The 
"Insurance 
Product", 
provided 
by 
insurance 
companies in the Kingdom, covers the payment of 
expatriate workers' dues in the event that establishment 
owners default on paying their wages, according to the 
terms and benefits covered and determined by the 
insurance document according to the policies and 
procedures regulating it. These benefits include, for 
example, a travel ticket if the expatriate worker wishes 
to return to his country.   
The launch of the "Insurance Product" comes within the 
framework of efforts aimed at developing the labor 
market in the Kingdom of Saudi Arabia through policies 
and legislation, preserving contractual rights between 
workers and employers, and increasing the attractiveness 
and efficiency of the labor market at the local and 
international levels. The "Insurance Product" is also 
consistent with the package of systems and procedures 
established by the Ministry of Human Resources and 
Social Development to preserve the rights of both parties 
to the labor relationship, including the wage protection 
system and contract documentation. 
The Insurance Authority announced the final 
licensing of Al-Watheeqah Al-Massiya Company to 
practice electronic insurance brokerage activity 
The Insurance Authority announced the final licensing of 
Al-Watheeqah Al-Massiya Company "Shaheen Platform" to 
practice the activity of electronic insurance brokerage. 
This step aligns with the role of the Insurance Authority 
in supporting and empowering the insurance sector as the 
entity responsible for regulating the sector and enhancing 
its effectiveness, and in pursuit of enabling and 
encouraging innovation in the provided insurance 
services, as well as ensuring the accessibility of insurance 
services to all segments of society. 
The Insurance Authority also realizes the importance of 
developing and improving systems and transitioning to a 
technology-based market, as these technologies ensure 
the achievement of the desired goals, including 
automating 
processes, 
improving 
the 
customer 
experience, in addition to facilitating the comparison of 
quotes and coverages provided and accelerating the 
document issuance procedures. 
The Capital Market Authority Approves the Amendment
of the Article Related to the Returns on the Client's 
Money of the Capital Market Institutions Regulations 
The Capital Market Authority's (CMA's) Board approved an
amendment to one of the articles of the Capital Market
Institutions Regulations, related to the returns on client 
money deposited in client accounts with these 
institutions. The amendment will come into effect from 
the date of its publication. 
The approval of such Amendments aims to develop the 
provisions of Article (77) of the Capital Market Institutions
Regulations by removing Paragraph (A) and adding a new 
paragraph. This new paragraph would allow the capital 
market institution to provide a service to their clients by 
enabling the