|26 December, 2019

Saudi SAMA calls upon two insurance firms to resolve their situations

Rowad Insurance Company of the Cooperative Insurance Agency and Forsan Insurance Agency did not comply with regulatory requirements and instructions

Ahmed Al-Kolifey, Governor of Saudi Arabian Monetary Authority, speaks during annual conference of Saudi Arabia and UAE banks, in Riyadh, Saudi Arabia, November 24, 2019. Image used for illustrative purpose.

Ahmed Al-Kolifey, Governor of Saudi Arabian Monetary Authority, speaks during annual conference of Saudi Arabia and UAE banks, in Riyadh, Saudi Arabia, November 24, 2019. Image used for illustrative purpose.

REUTERS/Ahmed Yosri

Riyadh – The Saudi Arabian Monetary Authority (SAMA) has called upon two insurance companies to quickly correct their conditions within a period not exceeding 20 working days.

Rowad Insurance Company of the Cooperative Insurance Agency and Forsan Insurance Agency did not comply with regulatory requirements and instructions. Moreover, the two companies did not respond to SAMA’s notifications addressed through their registered addresses, according to a statement by SAMA on Thursday.

“In the event of no response, SAMA shall initiate license cancellation,” the statement noted.

SAMA asks any insured or beneficiaries who has an issue with one of the two companies to file a complaint at the Consumer Protection Department.

Source: Mubasher

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