SAMA announces that the Broker Vision has suspended the insurance brokerage from practicing its activities

                The Saudi Arabian Monetary Authority (SAMA) announces that it has decided to suspend the Broker Vision for Insurance Brokerage from practicing any activity in the insurance sector as of 12/22/1438 AH corresponding to 09/13/2017 AD, based on Article eighteen of the Cooperative Insurance Companies Control Law. The company failed to comply with the statutory requirements of the Cooperative Insurance Companies Control Law, its implementing regulations, other relevant regulations, and the instructions issued by SAMA. Noting that lifting the suspension will not be considered until it becomes clear to SAMA that the company has corrected these violations.

This decision comes in line with SAMA's keenness to protect and preserve rights of insured and beneficiaries of the insurance policy, not to mention stopping illegal practices within the sector.