Further to the announcement of the
Saudi Arabian Monetary Authority (SAMA) on 27/11/1438H corresponding to
19/08/2017 including the prohibition of Al-Oula company for insurance
activity to sale insurance policies as
of 28/11/1438H corresponding to 20/08/2017.
SAMA announces that it has decided to
allow the company to resume practicing insurance activity as of Tuesday
20/02/1439H corresponding to 20/02/2018. This came as the company addressed
observations by SAMA at the time of suspension and confirmed its commitment to
the standards and conditions that guarantee the rights of customers and
beneficiaries of insurance coverage without prejudice to pricing, through the
continuous development of the internal audit system, compliance management and
internal control procedures of the company.
SAMA advises all insureds and
beneficiaries of the insurance to adhere their rights and to review the company
in this regard. In the event of no response by the intended company, SAMA urges
filing a complaint at Consumer Protection Department through SAMACARES.SA or
the Toll Free 8001256666.