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Saudi health insurance council promotes fair competition practices

Saudi health insurance council promotes fair competition practices
The MoC signing ceremony

Riyadh - Mubasher: The Council of Cooperative Health Insurance signed a Memorandum of Cooperation (MoC) with the General Authority for Competition (GAC) to promote a fair competition environment and protect the private insurance market, Saudi Press Agency (SPA) reported.

The memorandum complies with the cooperative health council’s vision to enhance the quality of health services through improving the private insurance efficiency, said the council’s secretary-general, Shabab bin Saad Al Ghamdi.

One of the objectives of the MoC is to raise awareness between government institutions, investors, and consumers in the medical insurance sector and related markets. This can be achieved through developing legislation, bylaws, and procedural rules, while forming coordination procedures between the two parties, he continued.

Moreover, the MoC aims to adopt programmes that popularise fair competition culture and rules as well as consumer protection among society and the business sector. 

It is noteworthy that the agreement comes in line with the Saudi Vision 2030 and the National Transformation Program 2020.