Saudi Arabia – Suspension of 7 insurance liberal job companies
Saturday, 08 19 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority “SAMA” announced that it will suspend seven liberal jobs companies from practicing any insurance activity according to their decisions to stop their activities.
The Authority said that this procedure is part of its prerogatives to supervise and regulate liberal jobs according to “Article eighteen” of the cooperative insurance regulation system issued under royal decree No (m/32) and dated 2/6/1424 H. However, this suspension does not eliminate the current liabilities toward third parties. These companies have also to complete all legal procedures to end their activities.
Source: Al Eqtisadiah