Saudi Arabia approves insurance product for expats

Dubai: Saudi Arabia’s Cabinet recently gave the green light for the implementation of an insurance product to protect the rights and benefits of non-Saudi workers in the private sector, according to the Sabq online newspaper.

The decision stipulates that the state will bear the costs of applying the insurance product.

“The product targets non-Saudi workers in private sector facilities in the Kingdom, which will contribute to preserving workers’ rights if they are stalled and reduces the risk of any negative effects if companies collapse,” said Minister of Human Resources and Social Development Ahmed Al Rajhi.

Al Rajhi noted that the product’s approval is an indication of the importance the Kingdom attaches to the private sector enterprises to enhance its role as a major partner in developing the Saudi economy and providing more job opportunities.

The Cabinet has also approved the formation of a committee comprising representatives from the Ministry of Human Resources and Social Development, the Ministry of Finance, and the Saudi Arabian Monetary Agency (SAMA) to undertake the following:

— Classifying the non-Saudi workers in private sector enterprises targeted in applying the insurance product.

— Setting in place the necessary controls and mechanisms to implement the insurance product.

— Determining the value of the insurance policy, according to the insurance companies monitoring law.