KSA – SAMA calls upon 2 ins. agencies to fix their situations
Friday, 12 27 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) announces that the Rowad Insurance Company of the Cooperative Insurance Agency and Forsan Insurance Agency Ltd. did not comply with regulatory requirements and instructions related to the practice of the activity and did not respond to the SAMA’s notifications addressed through their registered addresses.
In this regard, SAMA calls on the two companies to quickly correct their conditions within a period not exceeding (20) working days from the date of this announcement. In the event of no response, SAMA shall initiate license cancelation. To that end, SAMA asks any insured or the beneficiaries who has a complaint toward one of the two companies to file a complaint at the Consumer Protection department at www.SAMA.GOV.SA or the toll free number.