The Saudi Arabian Monetary Authority (SAMA) announces that it has decided to prohibit Allianz Saudi Fransi Cooperative Insurance Company from issuing or renewing any compulsory vehicle insurance documents, as of 05/12/1439 AH corresponding to 01/29/2018 AD. SAMA observed serious violations by the company in the procedures of selling compulsory vehicle insurance policies that led to a breach of fair pricing and market competition and to illegal practices by unauthorized parties.

                SAMA confirms that the ban will not be lifted until it is proven that the company has corrected its conditions, and that it adheres to the statutory standards and requirements that guarantee the rights of the insured and the beneficiaries of insurance coverage. Beside, SAMA will not hesitate to take one or more legal measures in the event of non-compliance.

                This decision comes within the framework of the Saudi Arabian Monetary Authority's keenness to protect the rights of the insured and the beneficiaries of the insurance coverage and to prevent irregular practices in the insurance sector, and in implementation of Article (19) of the Cooperative Insurance Companies Control Law issued by Royal Decree No. (M / 32). Dated 06/02/1424 AH, noting that the ban does not absolve the company of its obligations related to the valid insurance documents and the claims that arise from them.

                SAMA calls on all the insured and the beneficiaries of the insurance to adhere to their rights at all times and to review the company in this regard, and in the event that the company does not respond; SAMA hopes not to hesitate to file a complaint with the Consumer Protection Department through "Sama Cares" website on www.samacares.sa or by calling the toll-free number 8001256666.