SAMA would like to announce that it has decided to suspend a number of insurance-related service providers from practicing any insurance activities as of 23/04/1440H (30/12/2018). The decision was issued because such companies have not fully complied with the legal requirements of the Law on Supervision of Cooperative Insurance Companies, its Implementing Regulations, and instructions issued by SAMA. SAMA has clarified that the suspension includes the following companies: Al Barrak Company for Inspection and Loss Adjusting, Mayar Insurance House, and United Emtithal for Cooperative Insurance Agency.

SAMA would like to explain that the suspension decision followed a previous announcement it made on 26/06/2018 regarding the non-compliance of a number of insurance-related service providers. Moreover, SAMA has confirmed that the suspension decision came as an exercise of its supervisory and regulatory functions as per Article (18) of the Law on Supervision of Cooperative Insurance Companies issued by the Royal Decree No. M/32 dated 02/06/1424H and Article (76) of its Implementing Regulations. In this respect, SAMA has stressed that it will take legal procedures against the aforementioned companies in accordance with the Law on Supervision of Cooperative Insurance Companies, its Implementing Regulations, and relevant instructions.

This announcement reflects SAMA's determination to protect the rights of insureds and beneficiaries of insurance coverage, foster stability of the insurance sector, and prevent any illegal practices in the sector. SAMA calls upon all insureds and beneficiaries that have any complaints against such companies to file their complaint with the Consumer Protection Department through samacares.sa or by contacting Toll-Free Number 8001256666.