28 July 2026
The Insurance Authority has issued a decision to suspend Namar Insurance Brokerage Company from conducting insurance brokerage activities, effective Monday, 27 July 2026, following the company's commission of several violations. These include engaging with unlicensed individuals to market and sell insurance policies and failing to comply with Saudization requirements for all insurance product sales and customer care positions.
This action is taken pursuant to Article (19) of the Cooperative Insurance Companies Control Law, issued by Royal Decree No. (M/32) dated 2/6/1424H, as amended.
The Authority notes that the suspension does not relieve the company of its obligations under existing insurance policies. The company remains responsible for taking all necessary measures to ensure that the interests of policyholders and beneficiaries are not adversely affected.
The Authority further emphasizes that this action reflects its commitment to supporting the stability, regulation, supervision, and oversight of the insurance sector, while safeguarding the rights of policyholders and beneficiaries. The suspension will remain in effect until the company demonstrates that it has rectified its violations, complied with all applicable regulatory requirements, and implemented the necessary measures to prevent similar violations from recurring.
The Authority urges all parties with outstanding rights or claims against the company to contact the company directly. If the company fails to respond within three (3) business days, affected parties may submit a complaint to the Insurance Authority through the Customer Protection portal at icare.ia.gov.sa
or by calling the toll-free number 8001240551.