The Saudi Arabian Monetary Authority "SAMA" announces that it is based on its supervisory and controlling role and in application of what is stated in Article (18) of the Cooperative Insurance Companies Control Law issued by the Royal Decree No. (M / 32) dated 06/06 / 1424H and Article (76) of the executive regulations monitoring system for cooperative insurance companies, has decided to stop the brokerage activity in reinsurance for the following two companies:
- Al-hadethy Company for insurance and reinsurance.
- Twafiq Al-wastaa limited company.
However, the two companies were permitted to continue insurance activities. This comes after it shows incompliance to the legal requirements issued by SAMA regarding the practice of reinsurance activities. In this regard, SAMA calls upon insureds and beneficiaries to hold on to their rights and review the relevant company in this matter. In the event of no response by the company, SAMA urged filing a complaint to the Consumer Protection Department through samacare.sa or via calling 8001256666.
