SAMA suspends 9 insurance brokers for non-compliance

The Saudi Arabian Monetary Authority (SAMA) has suspended nine insurance brokers from undertaking any insurance activities.

The decision comes after the companies failed to comply with the regulatory requirements set by SAMA, the Kingdom’s central bank and insurance market regulator said in a statement on Tuesday.

Non-compliant firms were granted a 20-business day period to fulfill the required procedures, SAMA said.

The suspended companies are as follows: Saudi Belgian Reinsurance Broking Co., Al Mosanada Insurance Brokers, Professional Practice Company for Insurance Brokerage, Saudi Brokerage Co., Global Insurance Broker, Rakaaz, Central Orchard Insurance Brokers (Middle East) Co. Ltd,  Majdi Salem Alkadi Insurance Agents, and Al Mustashar for Insurance Brokerage Services.

Meanwhile, SAMA also ordered insurance firms to allow clients to review their eligibility for vehicle insurance discounts, ahead of purchasing new policies.