Logo of Allied Cooperative Insurance Group (ACIG)
The suspension does not apply to policy renewals and follows violations of supervisory and regulatory instructions. 
In a statement to Tadawul, the company said the decision is limited to issuing new comprehensive motor insurance policies and does not affect the renewal of existing policies.
It added that it continues to conduct its business and provide its other insurance products and services.
ACIG said it has begun implementing the necessary corrective measures and is coordinating with the relevant departments at the Insurance Authority to fulfill the related requirements.
It is also working to address the reasons for the suspension and complete the procedures required for its potential lifting.
The company added that it continues to implement plans and initiatives aimed at developing its operations, improving operational efficiency, strengthening internal controls, and enhancing service quality and customer experience, supporting the sustainability and efficiency of its business.
ACIG affirmed its continued commitment to fulfilling all obligations toward policyholders and beneficiaries under active insurance policies, providing services to them, and protecting their rights.
According to data available with Argaam, IA suspended ACIG from issuing comprehensive motor insurance policies, effective Sept. 24. The suspension does not apply to policy renewals.
The IA also confirmed that the decision does not relieve the company of its obligations under active insurance policies or any claims arising from them.
It will take all necessary measures to ensure that the interests of policyholders and beneficiaries are not affected.
Logo of Allied Cooperative Insurance Group (ACIG)
The suspension does not apply to policy renewals and follows violations of supervisory and regulatory instructions.
In a statement to Tadawul, the company said the decision is limited to issuing new comprehensive motor insurance policies and does not affect the renewal of existing policies.
It added that it continues to conduct its business and provide its other insurance products and services.
ACIG said it has begun implementing the necessary corrective measures and is coordinating with the relevant departments at the Insurance Authority to fulfill the related requirements.
It is also working to address the reasons for the suspension and complete the procedures required for its potential lifting.
The company added that it continues to implement plans and initiatives aimed at developing its operations, improving operational efficiency, strengthening internal controls, and enhancing service quality and customer experience, supporting the sustainability and efficiency of its business.
ACIG affirmed its continued commitment to fulfilling all obligations toward policyholders and beneficiaries under active insurance policies, providing services to them, and protecting their rights.
According to data available with Argaam, IA suspended ACIG from issuing comprehensive motor insurance policies, effective Sept. 24. The suspension does not apply to policy renewals.
The IA also confirmed that the decision does not relieve the company of its obligations under active insurance policies or any claims arising from them.
It will take all necessary measures to ensure that the interests of policyholders and beneficiaries are not affected.
