The Saudi Arabian Monetary Authority (SAMA) announces the suspension for WAFA Company due to the failure to fully comply with the statutory requirements related to the settlement of vehicle insurance claims, and the handling of clients' complaints, in addition to the ineffectiveness of its technical systems, despite the continuous follow-up by SAMA.

And according to the provisions of Article (19) of the Cooperative Insurance Companies Control Law issued by Royal Decree No. (M / 32) dated 2/6/1424 AH, SAMA decided to prevent the Saudi Indian Company for Cooperative Insurance from issuing any new vehicle insurance policy, as of the day Thursday 08/01/1438 AH, corresponding to 04/27/2017 AD. SAMA clarified that the suspension will not be lifted until the company proves that it has corrected its conditions and adheres to the standards and requirements that guarantee the rights of customers and beneficiaries of insurance coverage. Note that the suspension decision does not absolve this company of its obligations related to the valid insurance policies and the claims that arise from them. In the event that the company does not rectify its situation, SAMA will take additional legal measures.

This decision comes within the framework of the Saudi Arabian Monetary Authority keenness to protect the rights of the insured and the beneficiaries of the insurance coverage and to prevent any illegal practices in the insurance sector.