The Saudi Arabian Monetary Authority (SAMA) announced its decision to suspend Al-mo’atamidah insurance company from issuing insurance policy at any branch starting from Wednesday 13/10/1439H corresponding to 27/06/2018.​​​​​

SAMA attributed the suspension to the company’s enormous violations, namely, company’s continued failure to comply with complete separation between the bank accounts for insurance premiums and other private accounts of the company, delay in transferring insurance premium amounts to the insurance company in addition to the lack of a computer network linked to the company’s system. SAMA asserted that unless the company correct its violations and comply with the regulatory standards, it would not lift the ban on the company. This should protect the rights of the insured and beneficiaries of the insurance coverage.

This decision comes within the framework of the Saudi Arabian Monetary Authority (SAMA) keenness to protect the rights of insureds and beneficiaries of the insurance coverage and to prevent irregular practices in the insurance sector and in Pursuant of Article 18 of the Cooperative Insurance Companies Control Law issued by Royal Decree No. (32/M) dated 02/06/​1424H. Nevertheless, the decision of suspension does not absolve the company from its obligation toward insurance policies in force and claims arising from them.

SAMA calls upon all insured and beneficiaries of the insurance to always uphold their rights and to review the company in this regard. If the company does not respond, submit a complaint to the Consumer Protection Department through SAMACARE.SA or by Toll free 8001256666.