Saudi Insurance Authority strips licenses from 28 insurance firms in sector shake-up
RIYADH — The Insurance Authority (IA) has issued final decisions to revoke the licenses of several insurance and brokerage companies operating in Saudi Arabia, as part of broader corrective measures to stabilize and enhance the sector's performance and credibility.
The decisions, based on the Cooperative Insurance Companies Control Law and relevant regulations, follow a series of actions initiated on August 28, 2024, and are intended to safeguard the rights of insured individuals and beneficiaries while supporting financial stability.
Among the companies whose licenses have been revoked are Shire Insurance Agency Company, Al-Bulurat Insurance Brokerage Services Company, Al-Sabil Asia Insurance and Reinsurance Brokerage Company, Al-Aman Insurance and Reinsurance Brokerage Company, and Future Vision Insurance Brokerage Company.
Additional firms affected include Aman Gate Insurance Agency Company, Laval Insurance Brokerage Company, Ahed Saudi Insurance Agency Company, Al-Rabt Saudi Insurance Brokerage Company, Fursan Insurance Agency Company Limited, Saudi Agents Insurance Agents Company, Insurance Management Company for Insurance Agency, Saudi Shield Insurance Agency Company Limited, Panorama Elite Insurance Agency Company, and Takaful Amanah Cooperative Insurance Agency Company Limited.
Earlier, Eng. Naji Al-Tamimi, CEO of the Insurance Authority, stated that the IA is currently evaluating the possibility of removing health insurance pre-approval systems that link beneficiaries, hospitals, and insurers. While intended to ensure medical necessity and reduce health risks, the approval process has been criticized for causing delays that harm beneficiaries.
Al-Tamimi added that the Authority will soon begin publishing performance indicators, starting with the complaint rate relative to the number of individual health and motor insurance policyholders at each insurance company.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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