SAMA revokes license of Ruyat Alwasit Insurance Brokerage Company

The Saudi Central Bank (SAMA) revoked the license of Ruyat Alwasit Insurance Brokerage Company.

The decision is pursuant to the provisions of the Cooperative Insurance Companies Control Law and in conformity with SAMA’s objectives of promoting the stability of the financial sector, enhancing confidence, safeguarding the rights of the insured, and preventing illegal practices in the insurance sector.

SAMA emphasizes the importance of dealing exclusively with authorized financial institutions and following periodic updates in this regard. SAMA keeps monitoring the status of all insurance companies for taking necessary measures to ensure the stability and protection of the sector, and its participants.

SAMA calls on all claimants to submit their claims to the company. If no reply is received within (3) working days, complaints can be filed with SAMA’s Consumer Protection Department via: (www.samacares.sa) or the toll-free number (8001256666) within (30) days of this announcement.