SAMA announces that it has decided to suspend Namar Insurance and Reinsurance Brokers Company from engaging in any insurance activity effective from 17/5/1438H (14/2/2017).
This decision is pursuant to Article 18 of the Cooperative Insurance Companies Control Law issued under Royal Decree No. M/32 dated 2/6/1424H, SAMA and is due to the Company's failure to fully comply with the regulatory requirements governing appointments to senior positions in the financial institutions subject to SAMA's supervision.
SAMA reminds that this suspension does not relieve the Company of any of its outstanding obligations.
SAMA's action comes in fulfilment of its duties to protect the rights of insured and beneficiaries of insurance coverage and to prevent all practices not in full compliance of the regulations governing the insurance industry.