Localizing insurance product sales jobs takes effect today

The decision issued by the Insurance Authority (IA) to localize all sales positions in insurance products goes into effect today, April 15.

The decision stipulates that non-specialized sales employees will not receive any sales-related commissions.

The IA will monitor the implementation of the localization decision from the date of issuance until the targeted localization percentage is attained. This monitoring will be carried out based on supervisory and regulatory roles within the insurance sector.

In December 2023, the authority issued this decision, expecting a substantial impact not only on the sector but also on the overall Saudization rates within the Kingdom, according to data available on Argaam.

source: argaam