SAMA would like to announce that it has decided to suspend Chedid Re from engaging in any reinsurance brokerage activities as of Thursday 24/05/2018 (09/09/1439H).

SAMA would also like to indicate that the suspension decision has been made after noting serious irregularities with Chedid Re, such as non-compliance with SAMA’s instructions and having weaknesses in its internal control. In addition, SAMA emphasizes that the suspension will not be lifted unless it is proved that the company has corrected the existing irregularities and has complied with the standards and legal requirements that guarantee the rights of insureds and beneficiaries of insurance coverage. This decision stems from SAMA’s keenness to protect the rights of insureds and beneficiaries of insurance coverage and to prevent illegal practices in the insurance sector 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. Moreover, the suspension decision does not relieve the company from its obligations under its current effective insurance policies or claims arising therefrom.