The Saudi Arabia Insurance Authority has suspended Namar Insurance Brokerage Company from conducting insurance brokerage activities, effective July 27, 2026, after identifying several supervisory and regulatory violations. The company engaged unlicensed individuals to market and sell insurance policies and failed to meet Saudization requirements for insurance product sales and customer care positions. The suspension does not release Namar from its obligations under existing insurance policies. It must protect the interests of policyholders and beneficiaries, rectify the violations, comply with applicable requirements and implement measures to prevent recurrence before the suspension can be lifted. Parties with outstanding rights or claims should contact the company and may complain to the authority if it does not respond within three business days.
2026-07-28Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority suspends Namar Insurance Brokerage over regulatory violations
The Saudi Arabia Insurance Authority has suspended Namar Insurance Brokerage for using unlicensed individuals to market and sell policies and failing to meet Saudization requirements. The suspension will remain until the company remedies the violations, while its obligations under existing policies continue.