The Insurance Regulatory Unit has decided to suspend 3 companies from practicing their activities until September 30, for committing serious violations, and prohibited them from issuing new insurance policies during the suspension period, until the situation is corrected and the suspension is lifted.
A local Arabic daily listed the violations of these companies as follows:
— Refraining from executing final court rulings related to its activities
— Refraining from paying fees and fines to monetize legal deposits
— Non-compliance with completing the law deposits in the event of a shortage
— Refraining from providing the unit with the data required in the complaints against the company
On the other hand, the unit has issued an update of the approved list of companies eligible to issue the insurance policy.