According to Al Mal, the FRA announced the completion of the draft of the regulations that will set up and govern a policyholder protection fund, under its oversight. The fund will aim to protect beneficiaries against any potential insolvencies that insurance companies may face. Additionally, it will have an independent budget and will require licensed insurance companies to pay a periodic subscription fee. The Board of Directors will also have authority to accept or reject any grants or contributions to the fund, as well as invest proceeds according to an annual plan