Saudi Arabia – 3 insurers prevented from issuing motor contracts
Tuesday, 11 29 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Agency said that a number of insurance companies are not fully complying with regulatory requirements related to the settlement of motor insurance claims and the treatment of customer complaints despite the continuous follow-up of the Saudi Arabian Monetary Agency in this regard. Based on the article (19) of the Implementing regulations provisions of the Law on Supervision of Co-operative Insurance Companies promulgated by Royal Decree No. (M/32) dated 2.6.1424 H, the Agency decided to prevent Malath Cooperative Insurance & Reinsurance Company, the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company and ACIG from issuing any new motor insurance policy starting from 29/2/1438H equivalent to 29/11/2016.
The Agency said that the suspension would be lifted when the companies improve their practices and compliance with the rules that protect the rights of insurance customers and beneficiaries.