The Saudi Arabian
Monetary Authority (SAMA) announces that the Rowad Insurance Company of the
Cooperative Insurance Agency and Forsan Insurance Agency Ltd. did not comply
with regulatory requirements and instructions related to the practice of the
activity and did not respond to the SAMA’s notifications addressed through
their registered addresses.
In this regard, SAMA
calls on the two companies to quickly correct their conditions within a period
not exceeding (20) working days from the date of this announcement. In the
event of no response, SAMA shall initiate license cancelation. To that end,
SAMA asks any insured or the beneficiaries who has a complaint toward one of
the two companies to file a complaint at the Consumer Protection department at www.SAMA.GOV.SA or the toll free 800125666
