16 April 2025
The Insurance Authority has
issued a decision to suspend Takaful Emarat Insurance Services Company from
practicing insurance brokerage, effective on Wednesday 16 April 2025. This
decision is in accordance with Article (19) of the Cooperative Insurance
Companies Control Law, issued by Royal Decree No. (M/32) dated 02/06/1424H, and
its amendments. The suspension does not absolve the company of its obligations
related to existing insurance policies or any claims arising therefrom. The
company remains responsible for taking all necessary measures to ensure that
policyholders' rights and interests are not affected.
This action reflects the
Authority’s commitment to supporting the stability and regulation of the
insurance sector, while ensuring effective oversight and supervision. It also
aims to reduce dealings with unlicensed entities and safeguard the rights of
policyholders and beneficiaries. The Authority affirms that the suspension will
remain in place until the company rectifies its violations and demonstrates
full compliance with all regulatory standards and requirements.
The Authority calls on all
individuals with outstanding rights related to the company to contact the
company directly, if the company fail to respond within three (3) business
days, individuals may file a complaint to the Insurance Authority through the
Customer Protection Portal at (care.ia.gov.sa) or by calling the toll-free number
(8001240551).