Corporate Finance Law in Saudi Arabian Insurance Institutions Research Paper

Abstract

The Saudi Arabian insurance industry has been on steady growth in the past few years. This work hopes to appraise the effect of corporate finance law in Saudi Arabian insurance institutions through effective machinery to enhance development in the sector. The presence of agencies like the Business-Monitor-International (BMI) as a self-regulating body that monitors the sector is valuable for a forecast of the insurance industry up to the year 2015. This study will stand on available research to examine the fundamental growth drivers and estimate the prospects that Insurance institutions in Saudi Arabia have under the corporate finance law in terms of the situation of macro-economy, growth-potentials, developmental rate poised by the insurance industry.

Keywords: Saudi Arabia; Corporate-Finance-Law; Insurance Industry; growth-potentials.

Introduction

There is very rapid growth in the Saudi Arabian insurance sector. However, to ensure better productivity in the sector, the need for corporate finance law is necessary. Corporate-financial-law monitors marketing as involving a shareholder, business –Director, an employee, or a creditor with another stakeholder such as a consumer, or a community and takes into account the environment where a transaction is conducted in terms of adhering to stipulated rules under which the transaction was conducted. This entails the need for the application of the insurance sector.

A number of institutions have presently been on the ground to ensure the effectiveness of the application of corporate finance law to the Saudi Arabian insurance institution. This includes the BMI which has articulated a report on Saudi Arabian insurance institutions including excellent information on the sectors’ competitive intelligence, regulations, professionalism, as well as consultancy.

The paper will appraise commercial incentives instituted by major field players with the inclusion of governmental policies, as well as regulatory agencies, And how the corporate finance laws have been helpful to the realization of better insurance industry in Saudi Arabia through a thorough assessment of Saudi Arabian insurance institutions’ premiums, competitive-positioning, ownership-structure, as well as basic products/services.

Aims and objectives

The aim of the paper is to present an outline for a dissertation that would provide an overview of Corporate Finance Law in Saudi Arabian Insurance Institutions under the following objectives:

• To extrapolate from the findings regarding the development of the current system of financial law the suggestion for financial legal reforms necessary to grow Saudi Arabian Insurance Institutions
• To analyze the influence of various macroeconomic factors influencing Corporate Finance Law in Saudi Arabian Insurance Institutions.

Outline of Proposed Contents

Declaration

The declaration for the dissertation would be as follows:

I certify to the originality of this PhD dissertation that it is solely my work which is presented for the award of a degree in law at the university and that where the works of other persons have been used, there is appropriate credit given to the original author(s) of the works very clearly. There is equal credit to joint studies conducted by other persons and myself for the course of this work. I warrant the use of this work on the condition that it would be used solely for the purpose of furthering knowledge and that it would be properly acknowledged. The work should not be copied or reproduced through any medium without a forehand request for permission from the author.

I am confident that the authorization would by no means infringe third-party’s rights.

Appendix A: A Questionnaitre Evaluation of Corporate Finance Law in Saudi Arabian Insurance Institutions

Dear Sir/Ma,

Saudi Arabia has recently adopted Corporate Finance Law to monitor local Insurance Institutions for enhancing service delivery. A study has been commissioned to evaluate the workability of insurance institutions within the kingdom. The study needs information from those who work in insurance firms or those who have insured a property with any insurance firm within Saudi Arabia, and you have been selected to supply the require formation. Please, feel free to answer all questions truthfully and be assured that the information you provide will be treated with utmost confidentiality and used for research purpose only.

Kindly tick the box that best satisfies your response. Thank you.

Discussion

The Saudi Arabian insurance industry has been on a steady growth on the few past years. This work hopes to appraise the effect of corporate finance law in Saudi Arabian insurance institutions. The studies will consider previous studies on the subject such as assessments conducted by Business-Monitor-International (BMI)’s self-regulating assessment which five-year forecast of the insurance industry up to the year 2015. The study will examine the fundamental growth drivers and estimate the prospects which Insurance institutions in Saudi Arabia has under the corporate finance law in terms of the situation of macro-economy, growth-potentials, developmental rate poised by the insurance industry. The paper will equally appraise commercial incentives instituted by major field-players with the inclusion of governmental policies, as well as regulatory agencies. This will be assessed through a thorough assessment of Saudi Arabian insurance institutions’ premiums, competitive-positioning, ownership-structure, as well as basic products/services.

Analyses by the BMI are considered very fundamental for this work based on the fact that the agency has articulated report on Saudi Arabian insurance institutions including excellent information on the sectors’ competitive intelligence, regulations, professionalism, as well as consultancy. Therefore the benefits of considered studies under the BMI include:

• Benchmark BMI’s independent 5-year insurance industry forecasts for Saudi Arabia to test other views provides a key input for successful budgeting and strategic business planning in Saudi Arabia’s insurance market;
• Target business opportunities and risks in Saudi Arabia through reviews of latest industry trends, regulatory changes, and major deals, investments and macro-economic developments.¹

Personal Statement

It is said that lack of progress can result in gradual stagnation; a principle which I consider applicable to my aspiration for lifelong education with a PhD in Law as one of its significant parts. My decision to gain a PhD in Law at the University of Westminster is a mature one which was preceded with a comprehensive analysis of my personal competencies, family circumstances and the needs of the insurance industry forecasts for the Saudi Arabian market.

Receiving a PhD in Law would be a logical continuation of my professional and personal growth preceded by long years of study of Law at educational institutions, my persistent-self education and professional practice as a lawyer. Since I have been interested in Law since my childhood, a Bachelor’s degree from the Faculty of Law at the University of Applied Science, Hashemite Kingdom of Jordan in 1999/2000 can be regarded as the fulfillment of my childhood dreams, but only the beginning of my career path. Starting my professional practice as a lawyer and a legal adviser under training at the offices of T-Abu Alenain (Legal Consultant) in Jeddah, I paid much attention to self-education and coupled with work experience, it allowed me to progress to the post of Customer Relations and Personal Loans Officer at Saudi Holland Bank between May 2001 and February 2006. Subsequently I worked as a legal consultant at the offices of Legal Consultant M. Khashoggi in Jeddah, then as a legal adviser at the Prince Sultan College for Tourism and Management and finally at the IAIC Saudi Arabia for the Cooperative Insurance Co. as a legal consultant.

Realizing the importance of broadening my professional competencies, in 2009 I received a Postgraduate Diploma certificate in International Business from the University of London, School of Oriental and African Studies. Currently, until September of 2011, I am enrolled on the LLM Corporate Finance Law Master’s degree programme at the University of Westminster. Thus, my current competence and previous work experience makes me an appropriate candidate for the PhD programme in Law at the University of Westminster, this would promote and further my professional and career growth.

Gaining a PhD in Law would mean updating my knowledge and learning the recent advancements in my professional sphere. Going with the times and using the contemporary approaches and techniques in professional activities would enhance my productivity and employability. It would also stimulate my personal growth in terms of developing talents and realizing dreams and aspirations. My personal qualities including the purposefulness, consistency, accuracy in work, developed research skills and profound knowledge on Law and Insurance industry make me a good PhD candidate.

I have chosen the University of Westminster because of my awareness of its high educational standards and my personal family circumstances. In 2010, my wife was awarded a scholarship from the Ministry of Higher Education at Saudi Arabia and started a PhD programme at a UK University located in London. I believe that personal life is inseparable from professional development and neither of them can substitute for each other. Thus, taking advantage of this juncture of events, receiving a PhD degree at the University of Westminster, I would be able to not only enhance my professional knowledge and skills, but also reunite our family. Moreover, I consider studying in London as an invaluable opportunity for cultural exchange and improvement of my language skills. Currently, I consider updating my professional education is essential for my further progress and preventing possible stagnation which can be caused with the lack of new opportunities.

I strongly believe that the PhD would allow me to foster my professional growth by applying the research findings to professional practice. The study on Corporate Law in Saudi Arabian Insurance Institutions can provide a valuable insight into the growth drivers of the insurance sector in Saudi Arabia and would set me apart from other legal consultants fostering better understanding of the industry structure and underlying processes stimulating its rapid growth within the recent years. Along with fostering my professional development, the research findings can become a valuable contribution to the Saudi Arabian legal studies in general.

In conclusion, receiving a PhD in Law from the University of Westminster in London due to the possibilities of updating my professional knowledge, will allow reuniting our family and receiving invaluable intercultural experience and improving my language skills. My education and career path provides a substantial foundation for me to undertake further studies and achieve a PhD, which I consider as essential for my further professional growth.

Conclusion

This paper presents a proposal for a doctorate degree dissertation entitled: corporate finance law in Saudi Arabian insurance institutions. The proposal topic supposes the necessity to apply corporate finance law in Saudi Arabian Insurance Institutions for stability and faster development of the sector.

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Appendix B: Insurance Companies Saudi Arabia

Saudi National

Saudi National is one of the largest Insurance Companies operating through the Kingdom of Saudi Arabia. Our Head Office is located in Bahrain with regional offices in Jeddah, Riyadh and Alkhobar to serve our clients with interests Kingdom-wide and in the middle-east.

Al Sagr Saudi Insurance Company

Al Sagr Saudi Insurance Company is a Saudi Arabian limited liability company that is affiliated with the ATCO Group of Companies. The company has maintained a leading and pioneering position in the Arabian Gulf insurance market since 1983.

United Commercial Agencies Group

The united commercial agencies group is one of the leading insurance groups in Saudi Arabia. The group was established back in 1974, as an agency of European and American insurance companies. Later the shareholders, willing to develop their activities into a fully integrated insurance organization, invested into an insurance company in Bahrain and established UCA Insurance Co. BSC (c).

Gulf Cooperation Insurance Company Ltd.

As a market leader in Motor insurance, our strength and expertise in this field of insurance enables us to provide our clients with the most comprehensive cover at optimal pricing. Our company provides all the standard Motor insurance covers like Third Party, Fire & Theft and Motor Comprehensive policies.

ACIG (Allied Cooperative Insurance Group)

To be a national insurance company with international standards, allying with business partners and shareholders and best practice cooperative insurance concept, managing our policy holders’ funds in a high-level of security and customer care, providing our staff a professional & preferred working environment.

Saudi Indian Company for Cooperative Insurance

Saudi Indian Company for Cooperative Insurance is working with the aims to develop life and general Insurance business in the best interest of the Community by providing Financial Security to individuals, trade, commerce and all segments of the society at an affordable price, in the most professional manner, backed with International Competence and with focus on customer satisfaction thereby meeting the challenges of the emerging market and utilizing peoples’ money for peoples’ welfare.”

Al Ahlia Insurance Company

Al-Ahlia is shared in by a number of serious Saudi Businessmen in addition to Massaq Internation Group. National Insurance Company of Egypt (NICE), the oldest insurance company of Arab World Established 1900 AD is also taking a share in Al Ahlia as a principal and technial shareholder. The Company’s board consists of an Elite of outstanding insurance characters and top Saudi Business men in the field of logistic services.

Ahad Insurance

Ahad Insurance company operating in Saudi Arabia.

Social Insurance

Providing Insurance on all society aspects.

Allianz

Allianz is one of the leading insurers and financial services providers worldwide.

Amity Insurance Corporation E.C.

Amity Insurance Corp. E.C. is the corporation of individual shareholders and companies of renowned reputation and proven business success within Saudi Arabia and abroad

Tawuniya

Tawuniya ‘s establishment in 1986 was the steppingstone to create a viable Saudi insurance industry. The Company took it upon itself to develop the insurance industry, setting standards for optimal services and introducing new products that satisfy client needs. Saudi society has sensed the value of having a national insurance company such as Tawuniya that is resulted in providing high worth insurance services that sometimes surpass international standards.

Abdel Hadi Abdullah Al-Qahtani & Sons Company

Dammam-based business group; has interests in pipe coating, nail & galvanized wire, insurance, industrial gases, water treatment chemicals, pipe & well operation & maintenance, travel & farming (dairy, crops, horse breeding).

Al Jabr Group

Business group based in Dammam; has interests in automobiles (selling cars, servicing, spare parts), soft drinks, laundry, insurance, home appliances, airconditioning, cartons, batteries, garments, industrial supplies etc.

BUPA Middle East

Saudi Arabian arm of the UK-based medical insurance company; based in Jeddah; provides health cover to expatriates working in the kingdom; promoted by ASAS Health Care Ltd in the kingdom.

El Khereiji Group

Business group based in Dammam; has interests in insurance & risk management, electronics & communication, medical & health care, construction & real estate.

Omar A. Balubaid Co Ltd

Company based in Jeddah; has interests in automobiles (selling new & used cars), light industry (auto care & household & industrial chemicals), distribution (lube oil, tyres, batteries & accessories), insurance, real estate etc.

The Mediterranean & Gulf Insurance & Reinsurance Co (Medgulf)

Lebanon-based insurance company; has branches in Khobar, Riyadh & Jeddah; provides life, medical, general insurance etc.

Trade Union Insurance Co

Insurance company based in Al-Khobar; deals in property, liability, marine, crime, engineering, motor, personal lines, medical & life insurance; focus is on corporate clients; has offices in Riyadh, Jeddah, Hofuf & Bahrain.

Trust Insurance Consulting (TIC)

Insurance consultants based in Jeddah; does consultancy services, retail selling, claims analysis, loss adjustment, risk management, training, reinsurance brokerage services in health, motor, marine ocean cargo & property insurance etc.

Appendix C: A reflection of insurance company on the Saudi Arabian stock exchange

Footnotes

1. L Aljlfri, A Pons & D Collins, ‘Global E-commerce: a Framework for Understanding and Overcoming the Trust Barrier’, Information Management & Computer Security, 2003, pp.130-138.