|12 December, 2019

Saudi SAMA suspends four insurance firms

SAMA attributed the decision to failure to comply with regulatory requirements

A Saudi trader monitors stocks at the Saudi Investment Bank in Riyadh August 9, 2011. Image for illustrative purposes.

A Saudi trader monitors stocks at the Saudi Investment Bank in Riyadh August 9, 2011. Image for illustrative purposes.

REUTERS/Fahad Shadeed

Riyadh – The Saudi Arabian Monetary Authority (SAMA) has suspended four free companies from practising any activity in the insurance sector,

These companies are Al Wafaa, Najm Altazzafor, Wathiqati, and Mazoon Al Namaa, according to a statement issued on Thursday.

SAMA attributed that decision to these companies’ failure to comply with the regulatory requirements of the cooperative insurance companies control law and its executive regulations and instructions.

Moreover, SAMA affirmed that it will initiate talks and statutory procedures regarding these companies.

Source: Mubasher

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