The Insurance Authority Has Issued a Decision to Suspend Al Sagr Cooperative Insurance Company from Selling Mandatory Vehicle Insurance Products Effective 19 February 2025

هيئة التأمين تُعلن إيقاف شركة الصقر للتأمين التعاوني عن بيع منتج التأمين الإلزامي على المركبات اعتباراً من تاريخ 19/02/2025م لمخالفتها التعليمات الإشرافية والرقابية.

The Insurance Authority issued a decision suspending Al Sagr Cooperative Insurance Company from selling mandatory vehicle insurance products effective 19/02/2025, citing violations of supervisory and regulatory instructions and the board's shortcomings in implementing effective governance procedures, under Article 19 of the Law on Supervision of Cooperative Insurance Companies issued by Royal Decree No. (M/32) dated 02/06/1424 AH and its amendments. The suspension does not exempt the company from its obligations under active insurance policies and related claims, and the suspension will not be lifted until the company proves it has corrected its status and complies with regulatory standards and requirements. Rights holders unresponsive to the company may file with the Insurance Authority via the customer protection website (care.ia.gov.sa) or the toll-free number (8001240551).

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