19 June 2025
Following its
announcement dated 19\02\2025, regarding the suspension of Al Sagr Cooperative
Insurance Company from selling mandatory vehicle insurance, the Insurance
Authority announces that it has decided to lift the suspension and allow the
company to resume selling mandatory vehicle insurance, effective Thursday, 19\06\2025.
The Authority notes that
this decision comes as a result of the company’s board of directors taking substantial
steps to implement effective governance practices, rectify the recorded
violations, and adhere to the regulatory requirements and standards. The Authority
also affirms that it will continue to monitor the company to ensure the
sustainability of its corrective measures.