<The Saudi Arabian Monetary Agency (SAMA) has canceled the reinsurance brokerage activity of Future Vision Insurance and Reinsurance Brokerage Company, Golden Nouran Insurance and Reinsurance Brokerage Company, Main Risk Insurance and Reinsurance Brokerage Company, Namar Insurance and Reinsurance Brokerage Company, Arab Marketing Services for Insurance and Reinsurance Brokerage, First Insurance and Reinsurance Brokerage Company, Insurance House for Insurance and Reinsurance Brokerage, United World Insurance and Reinsurance Brokerage Company, Union Insurance Brokers Limited, and Sabeel Asia Insurance Brokerage Company. It explained that the decision to revoke the license is based on its supervisory and regulatory role and in accordance with Article (18) of the Cooperative Insurance Companies Control Law issued by the Royal Decree and Article (76) of the Executive Regulations of the Cooperative Insurance Companies Control Law.

The Corporation stated that the revocation came after it noticed that the companies did not comply with the statutory requirements and instructions issued by the Corporation regarding the practice of reinsurance brokerage, calling on all insured persons and insurance beneficiaries to uphold their rights and review the company in this regard, and in case the company does not respond; submit a complaint to the Customer Protection Department through the Sama Cares website at samacares.sa or by calling the toll-free number 8001256666.

The Corporation stated that the revocation came after it noticed that the companies did not comply with the statutory requirements and instructions issued by the Corporation regarding the practice of reinsurance brokerage activity.