UCA says suspension of mandatory insurance to hit results

08:39 AM (Mecca time) Argaam
Logo ofUnited Cooperative Assurance Co.

Logo of United Cooperative Assurance Co.

United Cooperative Assurance Co. (UCA) said it received a letter on Oct. 28 from the Insurance Authority (IA) informing it of a suspension on issuing or renewing mandatory insurance policies—including domestic labor, health, and motor insurance—effective Oct. 27, due to violations of supervisory and regulatory rules.

 

UCA said in a statement on Tadawul that the decision is expected to negatively affect its 2025 financial results, though the extent of the impact cannot yet be determined.

 

The insurer added that it will take corrective measures to ensure full compliance with regulatory requirements in coordination with the Insurance Authority, and will disclose any further developments in due course.

 

According to Argaam data, the IA decided to suspend UCA after detecting several violations related to supervisory and regulatory instructions.

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