KSA – SAMA stopped two reinsurance brokerage firms
Saturday, 01 18 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Agency “Sama” announces that it is based on its supervisory and supervisory role and in application of what was stated in Article (18) of the System of Cooperative Insurance Companies Monitoring issued by Royal Decree No. (M / 32) and Article (76) of the Executive Regulations of the System of Cooperative Insurance Companies Monitoring, I decided to stop the brokerage activity in reinsurance for the following two companies:
1- Al-Haditha Insurance and Reinsurance Brokerage Company.
2- Brokers Compliance Company Ltd.
While allowing them to continue to engage in insurance brokerage activity, this comes after what the organization has observed of the failure of the two companies referred to above to comply with the statutory requirements and instructions issued by the corporation with respect to the practice of brokerage activity in reinsurance.