10 June 2024
The Insurance Authority has issued a decision to suspend Madarat
Insurance Brokerage Company from practicing its activity as of Thursday,
29/11/1445 AH corresponding to 06/06/2024 AD, in accordance with Article (19)
of the Cooperative Insurance Companies Control Law issued by Royal Decree No.
(32/ M) dated 02/06/1424 AH, and its amendments.
Note that the suspension decision does not absolve the company from its
obligations related to existing insurance policies and any claims that may
arise therefrom, and from taking all necessary measures to ensure that the
interests of its clients are not affected. The Authority indicates that this
measure is part of its commitment to contribute to the stability, organization,
supervision and control of the insurance sector, and to protect the rights of
policyholders and beneficiaries, and to support the development and improvement
of national competencies and capabilities within the sector.
It affirms in this regard that the suspension of the company will not be
lifted until it is proven that it has corrected its situation and adhered to
the regulatory standards and requirements. The Authority urges all individuals
with existing claims against the Company to contact the Company for resolution.
In the event of non-response within three working days, they should
submit a complaint to the Insurance Authority via the Customer Protection
Portal at (care.ia.gov.sa) or by calling the toll-free number (8001240551).