Further to the announcement of the Saudi Arabian Monetary Authority (SAMA) dated 27/11/1439H corresponding to 19/08/2017, which included the prohibition of Watad National Insurance company from accepting Vehicles compulsory insurance subscribers and thus preventing them from issuing or renewing any insurance policy as of 28/11/1438H corresponding to 20/08/2017.

SAMA announced its decision to allow Watad National Insurance Company to practice the company’s activity in insurance as of Thursday 27 /06/1439H corresponding to 15/03/2018. After the company addressed all the observations provided by SAMA at the time of suspension and confirmed its commitment to deal with only authorized personnel and to apply the criteria of know your customers and include the price of the policy including all paid commissions, in addition to address weaknesses of internal control within the company. Noting that the company confirmed its commitment to continue addressing implementing corrective actions.