Referring to SAMA's announcement on its website dated 08/20/1438 ah, which included the notice about a number of liberal professions companies that did not comply with all the statutory requirements and instructions related to the practice of insurance activity. Besides, they did not respond to the notification of by SAMA through its registered addresses. The companies are requested to quickly review SAMA in order to immediately start correcting its conditions within a period not exceeding (20) business days from the date of announcement. A number of those companies referred to in the announcement did not respond to the notification of SAMA and did not respond to the letters of the institution.

            In implementation of Article (18) of the Cooperative Insurance Companies Control Law issued by Royal Decree No. (M / 32) dated 06/02/1424 AH and Article (2) and Article (76) of the Implementing Regulations for the Cooperative Insurance Companies Control Law, SAMA decided to suspend the activity of The following companies are named and banned from practicing any insurance business:

Saudi Belgian Reinsurance Brokerage Company.

Al-Musanadah Insurance Brokerage Company.

Professional Practices Company for Insurance Brokers.

Saudi Brokerage Company.

Global Insurance Brokerage Company.

Rakaez Company for Insurance and Reinsurance Brokerage.

Majdi Salem Al-Qadi Company as insurance agents.

Bustan Center Middle East Insurance Brokerage Company.

Your Insurance Advisor for Insurance Consultants.

            SAMA will initiate legal measures against the above-mentioned companies, in accordance with the provisions of the Cooperative Insurance Companies Control Law, its implementing regulations, and the relevant instructions.

            This decision comes within the framework of the Saudi Arabian Monetary Authority's keenness to protect the rights of the insured and the beneficiaries of the insurance coverage, to consolidate the stability of the insurance sector, and to prevent irregular practices in the insurance sector.

In this regard, SAMA calls upon the insured and beneficiaries to adhere to their rights by reviewing the company. In the case of no response by the company, SAMA urges filing a complaint at WWW.SAMA.GOV.SA or the toll free 800125666.