SAMA would like to announce that it has decided to suspend Chedid Insurance Brokers from engaging in any insurance brokerage activities as of Tuesday 05/06/2018 (21/09/1439H).

SAMA would also like to indicate that the suspension decision has been made after noting serious irregularities with Chedid Insurance Brokers, such as non-compliance with Requirements for Appointment of Senior Positions, weaknesses in the policy and procedures addressing fraud, and carrying out material outsourcing before obtaining SAMA’s non-objection. In addition, SAMA emphasizes that the suspension will not be lifted unless it is proved that the company has addressed its irregularities and has complied with the standards and legal requirements that guarantee the rights of insureds and beneficiaries of insurance coverage.

This decision stems from SAMA’s keenness to protect the rights of insureds and beneficiaries of insurance coverage and to prevent illegal practices in the insurance sector in implementation of Article 18 of the Law on Supervision of Cooperative Insurance Companies issued by the Royal Decree No. M/32 dated 02/06/1424H. Moreover, the suspension decision does not relieve the company from its obligations under its current effective insurance policies or claims arising therefrom.

Therefore, SAMA calls upon all insureds and beneficiaries to never compromise their rights and to contact their company in this regard. In the event that the company does not cooperate, insureds and beneficiaries should not hesitate to file a complaint with the Consumer Protection Department (SAMA Cares) through samacares.sa or by contacting Toll-Free Number 8001256666.