24 September 2026
The Insurance Authority (IA) has issued a decision suspending Allied Cooperative Insurance Group (ACIG) from issuing comprehensive motor insurance policies, excluding policy renewals, effective September 24, 2026, due to violations of supervisory and regulatory instructions. This measure is pursuant to Article (19) of the Cooperative Insurance Companies Control Law, issued by Royal Decree No. (M/32) dated 02/06/1424 AH, and its amendments.
The decision reflects the Authority's commitment to maintaining the stability of the insurance sector, enhancing the efficiency of companies operating in the sector and their ability to meet their obligations, and protecting the rights of policyholders and beneficiaries, thereby strengthening confidence in the insurance market and supporting its sustainability.
The IA emphasizes that the decisions taken against the company do not relieve it of its obligations regarding the existing insurance policies or any related claims. The IA also affirms that the company must take all necessary measures to ensure the interests of policyholders and beneficiaries are not adversely affected.