The Saudi Arabian Monetary Authority (SAMA) announces that a number of Liberal professions companies (the insurance agency) have not complied with all the regulatory requirements and instructions related to the practice of activity and have not responded to SAMA' communication through their registered addresses. These companies include Najim Altadafer Cooperative Insurance Agency, Mzoon Al-nama Commercial Insurance Agency, Al-wafaa Insurance Agency, Shair Insurance Agency and Wathiqti for insurance company.
In this regard, SAMA calls upon the five companies to review their situations promptly within 20 working days starting of this announcement date. In case of non-response during the specified period, the institution will initiate the procedures for the license withdrawal. SAMA hopes from the insured and beneficiaries of insurance coverage who has a complaint to submit their complaints to the Consumer Protection through WWW.SAMA.GOV.SA website or by calling the Toll free 8001256666. This announcement comes within SAMA's keenness to protect the rights of the insured and insurance beneficiaries, stabilize Insurance sector, prevent illegitimate practices and complying with item (18) of the cooperative insurance companies Control Law issued by Royal decree No. M/32 dated 02/06/1424H and item number (2) and number (76) of the cooperative Insurance Companies control Law.