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SAMA lifts suspension from a number of free professions companies
11/1/2018 12:00 AM

The Saudi Arabian Monetary Authority (SAMA) announces that it has decided to lift the suspension and interdiction of the Chedid and his company for Insurance Broker , and the Arabian Shield Insurance Agency and to allow them to carry out the activity as of Thursday 23/02/1440 H corresponding to 01/11/2018. 

This is in addition to SAMA's announcement dated 21/09 / 1439H corresponding to 05/06/2018, which includes the suspension of the Chedid and his company for insurance broker of the practice of insurance brokerage activity, and the announcement of the institution dated 27/06/1439 H corresponding to 14/03/2018 including the prevention of the Arabian Shield Insurance Agency from the sale of any insurance policy in any branch.

SAMA explained that the decision to lift the suspension and prevention came after the two companies have taken care of the violations and confirmed their commitment to continue implementing the corrective actions.

SAMA calls upon all insured and beneficiaries to adhere to their rights and to review the two companies. In case of non-response of the two companies, SAMA hopes not to hesitate to file a complaint with the Consumer Protection Department through samacares.sa or by contacting Toll Free Number 800125666.

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