FSA Consults the Public on the Regulation for Insurance Loss Examiners and Surveyors

The Financial Services Authority (FSA) called on all insurance and Takaful companies, stakeholders, interested parties and the general public to express their views and provide their feedback on the draft regulations for insurance loss examiners and surveyors.

This move is an endeavor to establish a regulatory framework for the business of   insurance loss examiners and surveyors to identify the minimum requirements for their business, in addition to regulating the relationship between insurance loss examiners and surveyors and their clients, which contributes to achieving the sustainability and continuity of such services and developing them in line with industry standards.

The draft regulations will be posed on the website of the FSA for a period of two weeks starting from April 3, 2024 in continuation of the approach adopted by the FSA in posting drafts laws and regulations for public consultation with the aim of obtaining the feedback before issuance in order to achieve the principle of community participation.

The regulation would be drafted taking into account the views and feedback of the public and the stakeholders before presentation to the FSA’s board of directors for approval after review by the competent entities.