SAMA to Saudize Insurance Jobs

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The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance regulator, said it will not extend the grace period for Saudizing administrative and customer service jobs at insurance companies and that defaulters will be punished.

Company officials said they have completed procedures to Saudize jobs as demanded by SAMA. Some companies said they required some more time to comply with the decision.

“SAMA will not provide additional time for insurance companies to appoint Saudis in specific jobs,” said Salah Al-Jubeir, chairman of the insurance committee at Asharqia Chamber.

“Companies will be held responsible for any negligence in this matter,” he said, adding that most companies are capable of implementing the decision thanks to their strong financial position.

He emphasized the plan to Saudize all jobs in the sector gradually to solve unemployment problem. “We intend to Saudize technical and leadership jobs in the next phase,” he added.


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Empower Retirement to acquire Personal Capital – Business Insider

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The US-based retirement services provider has entered into a definitive agreement to acquire wealthtech Personal Capital for an initial $825 million, with a further $175 million in planned growth incentives.

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Personal Capital describes itself as a hybrid advisor: It offers automated portfolios in stocks and bonds for retail investors and registered investment advisors, much like fully automated robo-advisors, but it also offers human advice and financial planning services and tools, including on tax optimization and insurance coverage. Empower Retirement is a subsidiary of Canadian insurer Great-West Lifeco and is the second-largest administrator of retirement investment plans in the US.

Personal Capital has been seeking a buyer on and off for at least a few years and has been in negotiations with other financial institutions (FIs). Personal Capital has likely been exploring a takeover in order to access a steady stream of funding and infrastructure to help scale

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