The Monetary Agency prevents 3 insurance companies and four agencies from issuing and selling policies due to serious violations

The Monetary Agency prevents 3 insurance companies and four agencies from issuing and selling policies due to serious violations

The Monetary Agency prevents 3 insurance companies and four agencies from issuing and selling policies due to serious violations

Today (Saturday), the Arab Monetary Agency (SAMA) decided to prevent a number of companies operating in the field of insurance from issuing and selling insurance policies, due to the registration of serious violations.

The institution stated in a statement that the (Arabian Shield Cooperative Insurance Company), (Saudi Indian Company for Cooperative Insurance – Wafa), and (Malath Cooperative Insurance Company) were prevented from issuing or renewing any compulsory vehicle insurance policies, as of today. Sunday, August 20, 2017 AD.

She added that it was also decided to prevent (Ajyad Al-Khaleej Company for Insurance Agency), (Al-Oula Company for Insurance Services), (Saudi Takaful Company for Insurance Agents) and (Watad National Company for Insurance Agency) from selling any insurance policy as of Sunday, August 20, 2017.

The Corporation indicated that the ban decision comes after observing serious violations committed by these companies in the procedures for selling compulsory vehicle insurance policies, which led to a breach of fair pricing and market competitiveness, and to irregular practices by unauthorized parties, calling on all insured and insurance beneficiaries to always uphold their rights and review The company is involved in that, and in the event that the company does not respond, contact SAMA.

It is noteworthy that the Monetary Agency had previously suspended the above-mentioned insurance companies for serious violations in the procedures for settling claims and handling customer complaints. and beneficiaries.

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