Insurance Authority lifts suspension on Madarat Insurance Brokerage

29/10/2024 Argaam
Logo ofInsurance Authority (IA)

Logo of Insurance Authority (IA)

Saudi Arabia’s Insurance Authority (IA) lifted the suspension on Madarat Insurance Brokerage Co., as of Oct. 29, after the company successfully rectified violations to ascertain full compliance with regulatory standards.

 

The authority emphasized its continued monitoring of the company to ensure that the corrective measures are sustained.

 

It urged all individuals with outstanding claims against the company to contact the insurer directly. In case of a no-response, individuals are advised to file a complaint with the IA through the customer protection portal (care.ia.gov.sa) or the toll-free number (8001240551).

 

The IA suspended Madarat Insurance on June 6, 2024, due to its non-compliance with the Saudization requirements for sales positions in the insurance sector.

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