SAMA would like to announce that it has decided to suspend Watani Takaful Company-Insurance Agency from offering, renewing or amending any insurance policies for all insurance types. SAMA has also decided to suspend Fursan Insurance Agency, Limited from offering or renewing any insurance policies for all insurance types as of 19/03/1440H (27/11/2018).

SAMA would like to clarify that it has made this decision because the two agencies have violated provisions of the Law on Supervision of Cooperative Insurance Companies, its Implementing Regulations, and regulations and instructions issued by SAMA. In this regard, SAMA would also like to reassure that such suspension will not be lifted unless it is proved that the two agencies have corrected the status of their business and complied with the standards and legal requirements that guarantee the rights of insureds and beneficiaries of insurance coverage. This announcement stems from SAMA keenness to protect the rights of insureds and beneficiaries of insurance coverage and to prevent illegal practices in the insurance sector in implementation of the Law on Supervision of Cooperative Insurance Companies issued by the Royal Decree No. M/32 dated 02/06/1424H and its Implementing Regulations.

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