KSA – SAMA suspends 4 ins. professional companies
Saturday, 12 14 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) announces the issuance of its decision to suspend a number of free professions companies from practicing any activity in the insurance sector, as of 04/14 / 1441H corresponding to 12/11 / 2019AD, due to its failure to comply with the regulatory requirements of the cooperative insurance companies control law and Its executive regulations and instructions issued by SAMA. These companies are: Al-Wafaa Insurance Agency, Najm Alt-Tazzam Insurance Agency, My Documentary Insurance Agency, and Mazoon Al-Namaa Insurance Agency.
"SAMA" stated that the decision to suspend the activities of the above companies comes next to SAMA's announcement dated 11/27/2018, which includes notification of a number of unresponsive free professions, as it comes from SAMA's supervisory and control role and in accordance with what is stated in Article (18) of the cooperative insurance companies control law issued by Royal Decree No. (M / 32) dated 06/06 / 1424H, and in pursuant to Article (76) of the executive regulations of the cooperative insurance companies 'control system. SAMA affirmed in this regard that it will initiate taking and completing statutory procedures regarding the mentioned companies according to the cooperative insurance companies control law and its executive regulations and instructions.
This announcement comes within the framework of SAMA's keenness to protect the rights of the insured and beneficiaries from insurance coverage and to consolidate the stability of the insurance sector, and to prevent irregular practices in the sector. SAMA invites companies' clients who have existing rights and claims to review the company in that, and in case that the company does not respond, we hope that clients will not delay in reaching Consumer Protection department at SAMA, www.samacares.sa or by calling the toll free number (8001256666), within three months from the date of the announcement.
Source: Saudi Arabian Monetary Authority