Insurance Unit refers 3 brokerage firms to the Public Prosecution and warns 4 others

The Insurance Regulation Unit announced the referral of three insurance brokerage companies to the Public Prosecution, as part of the supervisory and legal measures it is taking to protect the rights of policyholders, beneficiaries, and market participants.

In the same context, the Unit issued warnings to four insurance companies due to violations of the provisions of the relevant law, its executive regulations, amendments thereto, and decisions issued in this regard. It emphasized the necessity of rectifying the cited violations to avoid suspension measures being taken against them in accordance with applicable legal frameworks.

The Unit stressed that all companies and entities under its supervision must comply with the relevant laws, regulations, and decisions. It reaffirmed its continued exercise of its supervisory role and its commitment to taking necessary legal actions against any violations, thereby ensuring the protection of market participants’ rights and enhancing compliance and discipline in the insurance market.

In this regard, Talal Al-Muharbi, Director of the Legal Affairs Department at the Insurance Regulation Unit, stated: “Protecting the rights of insurance policyholders, beneficiaries, and market participants is a core priority for the Insurance Regulation Unit. We are committed to translating this priority into action by developing regulatory and supervisory frameworks, and issuing decisions and circulars that safeguard the rights of all parties and reinforce adherence to prevailing legislation.”

He added: “The Unit will not hesitate to take necessary legal action against any entity found to have breached its legal obligations or endangered the rights of market participants, in line with its responsibility to ensure the integrity of the sector and strengthen confidence in the insurance system.”

The Insurance Regulation Unit confirmed that these measures are an extension of its efforts aimed at establishing a more disciplined and transparent insurance environment, enhancing the effectiveness of supervision and compliance, and elevating professional and regulatory practices in accordance with global best standards and practices. These efforts contribute to protecting the rights of policyholders and beneficiaries, and supporting the stability and sustainability of the insurance sector.