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Saudi Central BankSaudi Central BankNewsSAMA Bans UCA from Issuing or Renewing Motor Insurance Policies
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SAMA Bans UCA from Issuing or Renewing Motor Insurance Policies
6/20/2016 12:00 AM
Due to incomplete compliance by the United Cooperative Assurance Company (UCA) with the regulatory requirements in terms of motor-insurance-related claim settlements and customers' complaint processing despite SAMA's constant follow-up, SAMA would like to announce that it has banned UCA from accepting new subscribers to the motor insurance activity. UCA is thereby banned from issuing or renewing motor insurance policy effective from 16/09/1437H (21/06/2016) in accordance with Article 19 of the Law on Supervision of Cooperative Insurance Companies issued by royal decree M/32 dated 02/06/1424H. This decision is made by SAMA in application of the transparency principle driven by its keenness to protect rights of insured and beneficiaries of insurance coverage and prevent any illegal practices in the insurance sector.
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