15 October 2024
The Authority issued a decision to suspend Al-Yamama Insurance Brokers
Company from practicing its activities starting Tuesday, October 15th, 2024,
per Article (19) of the Cooperative Insurance Companies Control Law, issued by
Royal Decree No. (M/32) dated June 2nd, 2003, and its amendments.
It is noted that the suspension decision does not absolve the company of
its responsibilities concerning valid insurance policies and any claims arising
from them. The company must take all necessary measures to safeguard the
interests of its policyholders.
The Authority emphasizes that this measure aligns with its commitment to
contribute to the insurance sector's stability, regulation, oversight, and
supervision. It aims to protect the rights of policyholders and beneficiaries
while supporting the development of national competencies in the sector.
The Authority also confirms that the suspension will not be lifted until
the company rectifies its status and meets regulatory standards and
requirements.The Authority urges all clients who have pending rights with the
company to contact the company, and if it fails to respond within (3) business
days, claims can be submitted to the Insurance Authority via the customer
protection website (care.ia.gov.sa) or by calling the toll-free number
(8001240551).