10 June 2024
The Insurance Authority has issued the suspension of Lonsdale &
Associates Insurance Brokers from carrying out its operations starting from
Thursday, 29/11/1445H (corresponding to 06/06/2024G), following Article (19) of
the Cooperative Insurance Companies Control System, issued by Royal Decree No.
(M/32) dated 02/06/1424H and its amendments.
It is important to note that the suspension decision does not absolve
the company’s liability from its obligations related to the applicable
insurance documents and the claims that may arise due to them, and it should
take all necessary procedures not to affect their interests.
The Authority pointed out that it is committed to contributing to the
stability, regulation, supervision, and control of the insurance sector,
protecting the rights of the insured and beneficiaries, and supporting the
development and improvement of national competencies and capabilities within
the field. In this regard, it has been confirmed that the company's suspension
will remain until it can approve that it has corrected its conditions and is in
line with the regulatory standards and requirements.
The Authority urges all individuals with outstanding claims against the
company to assess their situations accordingly.
In the case of not responding within (3) working days, they should be
submitted to the Insurance Authority through the customer protection website
via the following link (care.ia.gov.sa) or by calling the toll-free number
(8001240551).