28 August 2024
Based on the Authority’s objectives of protecting the rights of the
insured and beneficiaries, stabilizing the insurance sector and enhancing the
confidence of those who deal with it, and in order to reduce irregular
practices in the sector, and based on Article (2) of the Cooperative Insurance
Companies Control System issued by Royal Decree (M/32) dated 06/02/1424 AH,
amended by Royal Decree (M/12) dated 01/23/1443 AH, and Article (Third)
regulated by the Insurance Authority issued pursuant to Cabinet Resolution No.
(85) dated 01/28/1445 AH.
The Insurance Authority announces
the expiration of the licenses of a number of companies providing insurance
support services and their non-compliance with regular requirements in addition
to non-compliance with instructions related to practicing insurance activity.
These companies are as follows: Arab Marketing Services Company and
Reinsurance Brokerage.
Al-Aman Insurance and Reinsurance Brokerage Company.
Saudi Link Insurance Brokerage.
Wasl Insurance Brokerage Company. Al Tayyar Insurance Brokerage Company.
Addison Bradley Arabia Company – insurance and reinsurance brokers.
Future Vision Insurance and Reinsurance Brokerage Company.
Global Reliance Insurance Brokerage Company Limited. Laval Insurance
Brokerage Company.
Al Crystals Company for Insurance Brokerage. Izar Insurance Brokerage
Company.
Al-Sabil Asia Insurance and Reinsurance Brokerage Company.
National Takaful Company, insurance agents.
Shire Insurance Agency Company.
Medad Al Thiqa Insurance Agency Company.
Theatal Insurance Agency Company.
Tamkeen Al Raeda insurance agency company.
Safety Gate Insurance Agency Company.
Saudi Ahed Insurance Agency Company.
Forsan Insurance Agency Company Limited.
Professional Group Company for Insurance Agency.
Takatuf Insurance Company for Cooperative Insurance Agency.
Saudi Agents Company for Cooperative Insurance Agency.
Al-Mutamudun Insurance Agency Company.
Aljazira Takaful insurance agency.
Rwad Insurance Company for Cooperative Insurance Agency.
Saudi Shield Insurance Agency Company Limited.
Al Maroz Insurance Services Company “Insurance Agents”.
Al-Sabeel Insurance Agency Company.
Al Arid Insurance Agency Company.
Etemad Company for Insurance Agency. Roaa Insurance Agency Company.
Al Himayah Insurance Brokerage Company.
Insurance Management Company for Insurance Agency.
Taqdeer International Insurance Agents Company.
Takaful Amanah Cooperative Insurance Agency Limited.
Panorama Al-Nukhbah Company for Cooperative Insurance Agency.
Tazeezat Insurance Agency Company Limited.
Claims and Risk Services Limited (CARS) for settling insurance claims.
MediVisa Medical Claims Settlement Company.
BM Care Insurance Claims
Adjustment Company Limited.
Enaya Almutaliba Insurance Company.
Manar Sigma Company for Insurance Consulting and Actuarial Services.
Marsh Insurance Consulting Company.
Charles Taylor Adjusting Saudi Arabia Limited.
Accordingly, the Insurance Authority calls on the companies referred to
above to rectify their situations and comply with the regulatory requirements
and to submit their application fulfilling all requirements and accompanied by
supporting documents via email (LIC@ia.gov.sa) within a period not exceeding
(20) working days from the date of publishing this announcement. In case of
failing to respond within the specified period, the Authority will initiate
procedures to cancel the license and take legal measures. The Authority also
calls on all those who have existing rights in the companies referred to above
to review these companies and uphold their rights in confronting them.
The Insurance Authority assures
the importance of dealing with companies licensed by the Authority, and this
can be verified by visiting the Authority’s website WWW.IA.GOV.SA