(b) Finalise the adoption of a European resolution framework for CCPs and insurers The resolution of CCPs is the last major topic on the FSB’s work programme. By reinforcing the central role of CCPs in the markets, the new framework risks creating entities that are “too big to fail”: it is important therefore that we have tools to handle CCP crises efficiently, without resorting to a state bail-out that would ultimately leave taxpayers bearing the cost of default. As a result, after having set out strong expectations in 2017, the FSB is currently refining an international CCP resolution framework, which will be enshrined in a new European regulation. In insurance, France is one of the first EU Member States to have put in place a recovery and resolution regime for insurers with the Sapin 2 Law of 9 December 2016. The Order of 27 November 2017 also gave the ACPR’s Resolution College the power to start resolution proceedings for failing insurers and take steps to maintain their critical functions or safeguard financial stability. The framework comprises a preventive arm, under which the largest insurers are obliged to draw up preventive recovery plans. At the European level, there is currently no shared approach to the resolution of insurers. However, there is clearly a need for such a framework to facilitate the resolution of insurers, in particular cross-border groups, and help strengthen the European insurance market for the benefit of policyholders (c) Finally, and most of all in my view, it is also “time for macroprudential policy”.
This contributed to better provision of insurance services at competitive prices and coverage, thereby, achieving higher growth rates in the market. The number of insurance and reinsurance companies at the end of the third quarter of 2013 stood at 34 in addition to 180 insurance-related service companies to support insurance services. Gross written premiums stood at SAR 19.2 billion at the end of the third quarter of 2013, compared to SAR 15.7 billion in 2012, growing by 22.3 percent. The ratio of insurance written premiums to GDP stood at 0.69 percent up to the third quarter of 2013, indicating significant opportunities of growth for this sector in the coming years. SAMA attached great attention to insured persons’ rights. The Implementation Regulation of The Cooperative Insurance Companies Control Law obligates insurance companies to settle customers’ claims in a period not exceeding 15 days. SAMA supervises companies’ compliance with the provisions of this article on a continuous basis. Ladies and gentlemen, In the area of finance, SAMA has published the Implementing Regulations for the Finance Laws, and issued Implementing Regulations of the Financial Leasing Law in coordination with the Ministry of Justice. It has also issued the Implementing Regulations of the Finance Companies Control Law. In this context, SAMA applies the best internationally recognized practices, ensuring the soundness of the sector and its stability, fairness of its transactions, in addition to encouraging legitimate and fair competition between finance companies, taking appropriate means to develop the sector, working on Saudization of jobs, and raising efficiency of its employees.