SAMA suspends 9 insurance brokers
Thursday, 10 12 2017, Category: Islamic Insurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) has suspended nine insurance brokers from undertaking any insurance activities.
The decision comes after the companies failed to comply with the regulatory requirements set by SAMA, the Kingdom’s central bank and insurance market regulator said in a statement on Tuesday.
Non-compliant firms were granted a 20-business day period to fulfill the required procedures, SAMA said.
Meanwhile, SAMA also ordered insurance firms to allow clients to review their eligibility for vehicle insurance discounts, ahead of purchasing new policies.