SAMA would like to announce that it has decided to suspend Willis Saudi Arabia Company Ltd from carrying out insurance and reinsurance activities as of Thursday 24/05/2018 (09/09/1439H).

SAMA would also like to indicate that the suspension decision has been taken in light of noting material irregularities with the company with regard to non-compliance with professional codes of conduct, which in turn has compromised integrity and fairness of competition. In addition, SAMA emphasizes that such suspension will not be lifted unless the company proves that it has corrected its irregularities and has complied with the standards and legal requirements.

This decision stems from SAMA’s keenness to protect the rights of insureds and beneficiaries of insurance coverage, promote stability of the insurance sector in Saudi Arabia and prevent any illegal practices in this industry in implementation of Article 18 of the Law on Supervision of Cooperative Insurance Companies issued by the Royal Decree No. M/32 dated 02/06/1424H. Furthermore, the suspension decision does not relieve the company from its obligations under its current effective insurance policies.

Therefore, SAMA calls upon all insureds and beneficiaries to not compromise their rights and to contact their company in this regard. In the event that the company does not cooperate, insureds and beneficiaries should file a complaint with the Consumer Protection Department through  samacares.sa or by contacting Toll-Free Number 8001256666.