Saudi Arabia's Insurance Authority has suspended Al Sagr Cooperative Insurance Company from selling mandatory vehicle insurance products, effective Feb. 19, 2025. The measure follows violations of regulatory and supervisory instructions and the board's failure to implement effective governance procedures. The suspension does not affect Al Sagr's obligations under existing policies or claims, and the company must continue protecting policyholder and stakeholder interests. The restriction will remain until Al Sagr rectifies the deficiencies and demonstrates compliance with applicable regulatory standards and requirements.
2025-02-19Saudi Arabia Insurance Authority
Saudi Arabia's Insurance Authority suspends Al Sagr from selling mandatory vehicle insurance over regulatory and governance failures
Saudi Arabia's Insurance Authority suspended Al Sagr from selling mandatory vehicle insurance from Feb. 19, 2025, citing regulatory breaches and governance failures. Al Sagr remains responsible for existing policies and claims, and the suspension will continue until it demonstrates compliance.