SAMA set to withdraw licenses from non-compliant insurance service providers

The Saudi Arabian Monetary Authority (SAMA), the Kingdom's central bank and insurance market regulator, will not extend a grace period for insurance service providers that failed to comply with its requirements, Al-Eqtisadiah newspaper reported on Wednesday.

Nine out of 14 insurance service providers have complied with the regulatory requirements 20 days ahead of the grace period end.

SAMA will address the Ministry of Commerce & Investment to withdraw the licenses of non-compliant firms, the report added.

Last month, the central bank warned 14 insurance service providers that their licences could be withdrawn due to non-compliance with regulations stipulated for firms operating in the sector, Argaam reported.

The firms are Al Tayyar Insurance Broker, Mayar Insurance House, AlBarak Lil Fahs Wal Moayana, Dar Attameen Insurance Agency, Shadow Company Insurance Agency, Majal Alwefaq for Insurance Agency, AlHolool AlSahla Insurance Agency, Wasilah Insurance Agency, United Emtithal for Cooperative insurance agency, The Ocean Modern Insurance Agency, Professional Group Insurance Agency, Etemad Insurance Agency, Madad Al-Aman Insurance Agency, Al Tawun Al Oula Insurance Agency.