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Saudi Arabia’s Insurance Authority issued final decisions to revoke the licenses of 26 firms, in accordance with the provisions of the Cooperative Insurance Companies Control Law and its implementing regulations, and in line with the powers and responsibilities assigned to it under its organizational framework. 
In a statement, the Authority said the decisions build on corrective measures announced on Aug. 28, 2024, and are part of its efforts to support the insurance sector and strengthen its effectiveness and stability.
The measures also aim to boost confidence among market participants, safeguard the rights of policyholders and beneficiaries, and contribute to financial stability.
The Authority stressed the importance of dealing only with duly licensed entities and keeping up to date with periodic announcements in this regard.
It also reaffirmed that it will continue to take any regulatory action it deems necessary to protect the sector and those dealing with it.
Logo ofInsurance Authority
Saudi Arabia’s Insurance Authority issued final decisions to revoke the licenses of 26 firms, in accordance with the provisions of the Cooperative Insurance Companies Control Law and its implementing regulations, and in line with the powers and responsibilities assigned to it under its organizational framework.
In a statement, the Authority said the decisions build on corrective measures announced on Aug. 28, 2024, and are part of its efforts to support the insurance sector and strengthen its effectiveness and stability.
The measures also aim to boost confidence among market participants, safeguard the rights of policyholders and beneficiaries, and contribute to financial stability.
The Authority stressed the importance of dealing only with duly licensed entities and keeping up to date with periodic announcements in this regard.
It also reaffirmed that it will continue to take any regulatory action it deems necessary to protect the sector and those dealing with it.
