The Saudi Arabian Monetary Authority (SAMA) has decided to suspend Am-Mayazeen Insurance agency from selling more insurance policies at any of its branches starting on Wednesday 1439/08/09 corresponding to 25/04/2018. SAMA clarified that the suspension came after the observation of serious violation by the company i.e., poor internal control measures, carrying activities with unlicensed individuals. SAMA assures that the suspension will not be lifted unless that the company performs serious corrections and compliance with the standards and regulatory requirements that preserve the rights of the insured and beneficiaries of insurance coverage.

This decision comes within the framework of SAMA keenness to protect insureds’ rights and beneficiaries of insurance coverage and to prevent irregular practices in the insurance sector, and in pursuant to Article 18 of the Cooperative Insurance Companies Control Law issued by Royal Decree No. (32/m) dated on 1424/06/02. Noting that the suspension decision does not absolve the company from its obligations toward its insurance policies and claims in force.

SAMA calls upon all insureds and beneficiaries of insurance policies to uphold to their rights and review the company in this regard. In case of no response, it advised all to file a claim to the Consumer Protection Department through SAMACARES.SA or the Toll free 8001256666.​