The Insurance Authority: Offering and selling the “Extended Warranty” product outside licensed insurance companies constitutes a violation

لحماية حقوق المؤمن لهم والمستفيدين وتعزيز الثقة في السوق هيئة التأمين: تقديم وبيع منتج "الضمان الممتد" خارج إطار شركات التأمين المرخصة يعد مخالفة

The Insurance Authority has declared that offering or selling the "Extended Warranty" product by car dealerships, retail companies, or any entity without obtaining the required regulatory licence constitutes an explicit violation of the Cooperative Insurance Companies Control Law. The Authority confirmed that conducting any insurance activity without the necessary licence exposes the violator to penalties including a fine not exceeding two million riyals, imprisonment for no more than four years, or both. The Extended Warranty is classified as an insurance product that may only be offered in Saudi Arabia by licensed and registered insurance companies, and the Authority called on all commercial entities to comply and urged individuals to report violations through its official channels.

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