Latest news with #CooperativeInsuranceCompaniesControlLaw
Yahoo
27-05-2025
- Business
- Yahoo
Saudi Insurance Authority revokes licences of several insurance companies
The Saudi Insurance Authority (IA) has taken action to revoke the licences of 28 insurance and brokerage companies. This move is part of a broader strategy to stabilise and improve the performance and credibility of the insurance sector in the country. According to a Saudi Gazette report, these decisions are grounded in the Cooperative Insurance Companies Control Law and other relevant regulations. The revocations are the culmination of a series of corrective measures that began on 28 August 2024. They aim to protect the rights of insured individuals and beneficiaries while promoting financial stability within the sector. The companies affected by these licence revocations include Shire Insurance Agency, Al-Bulurat Insurance Brokerage Services, Al-Sabil Asia Insurance and Reinsurance Brokerage, Al-Aman Insurance and Reinsurance Brokerage, and Future Vision Insurance Brokerage. The list of companies whose licences have been terminated extends to Ahed Saudi Insurance Agency, Al-Rabt Saudi Insurance Brokerage, Aman Gate Insurance Agency, Fursan Insurance Agency, Insurance Management for Insurance Agency, Laval Insurance Brokerage, Panorama Elite Insurance Agency, Saudi Agents Insurance Agents, Saudi Shield Insurance Agency and Takaful Amanah Cooperative Insurance Agency. Eng. Naji Al-Tamimi, CEO of the Insurance Authority, previously indicated that the IA is considering the elimination of health insurance pre-approval systems. These systems are designed to confirm medical necessity and mitigate health risks but have faced criticism for causing delays detrimental to beneficiaries. Al-Tamimi also mentioned that the Authority plans to start publishing performance indicators including the complaint rate in relation to the number of individual health and motor insurance policyholders for each insurance company. Earlier this year, insurance brokerage Willis Towers Watson was granted a licence to operate as a reinsurance broker in Saudi Arabia. "Saudi Insurance Authority revokes licences of several insurance companies" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Saudi Gazette
25-05-2025
- Business
- Saudi Gazette
Saudi Insurance Authority strips licenses from 28 insurance firms in sector shake-up
Saudi Gazette Report 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.
