The Saudi Arabian Monetary Authority (SAMA) has given 12 insurance companies 20 business days to rectify and regularize their status, starting today, Sunday, August 20, warning that it will initiate procedures to revoke their licenses.

SAMA (SAMA) in a statement published on its website that the companies in question had failed to fully comply with regulatory requirements and instructions related to the practice of insurance and had not responded to the Authority’s correspondence sent to their addresses registered with the Authority.

In its statement, the Authority identified the companies as: ((Saudi-Belgian Reinsurance Brokerage Company, Al-Masana Insurance Brokers, Professional Practices Insurance Brokerage Company, Saudi Brokerage Company, Global Insurance Brokerage Company, Rakaez Insurance and Reinsurance Brokerage Company, Insurance Pioneers Cooperative Insurance Agency, Majdi Salem Al-Qadi Insurance Agents, Middle East Bustan Insurance Brokerage Center, Your Insurance Consultant for Insurance Consulting, Wathiqati Insurance Agency, and Wasl Insurance Brokerage), and called on them
to promptly review their operations to rectify their situations within a period not exceeding 20 business days from the date of this announcement.

(Saudi-Belgian Reinsurance Brokerage Company, Al-Masanda Insurance Brokers, Professional Practices Insurance Brokerage Company, Saudi Brokerage Company, Global Insurance Brokerage Company, Rakaez Insurance and Reinsurance Brokerage Company, and Rawad Insurance Cooperative Insurance Agency, Magdi Salem Al-Qadi Insurance Brokers, Middle East Bustan Insurance Brokerage, Your Insurance Consultant for Insurance Consulting, My Policy Insurance Agency, and Wasl Insurance Brokerage).
It called on policyholders and beneficiaries of insurance coverage who have a complaint against any of these companies to submit it to the Customer Protection Department through the Authority’s website: