IA detects 2,000 regulatory violations in 2025

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The Insurance Authority announced that, during 2025, it recorded more than 2,000 violations related to breaches of supervisory and regulatory instructions, cybersecurity requirements, customer protection rules, and anti-money laundering and counter-terrorism financing regulations.

The violations were committed by a number of companies operating in the sector, in addition to senior executives.

In a statement, the authority explained that these violations resulted in several regulatory decisions, most notably: Financial penalties totaling nearly SAR 25 million, the suspension of one insurance company from selling compulsory motor insurance products, and suspension of another insurance company from issuing or renewing compulsory health insurance policies, motor insurance policies, and domestic worker contract insurance.

The decisions also included the suspension of an insurance brokerage company from practicing its activities, suspension of several board members of insurance companies from performing their duties, and appointment of external consultants to rectify the conditions of certain companies.

The authority further stated that seven of its decisions were upheld by the Committees for the Resolution of Insurance Disputes and Violations, including rulings to revoke the licenses of several insurance support service providers.