Insurance Regulatory Unit refers 3 brokerage firms to prosecution and warns 4 insurance companies
Referral of three brokerage firms to prosecution and warning of four insurance companies for legal violations.
Translated by Qiyas from السياسة — Original source
Al-Moharib: Protecting the rights of policyholders, beneficiaries, and market participants is a fundamental priority
The Insurance Regulation Unit announced the referral of three insurance brokerage companies to the Public Prosecution to take the necessary legal actions regarding alleged criminal offenses, while issuing warnings to four insurance companies for violations of the provisions of Law No. (125) of 2019 concerning the regulation of insurance, its executive regulations, amendments, and related decisions.
The Unit clarified that the referral of the three brokerage companies is part of the supervisory and legal measures taken to protect the rights of policyholders, beneficiaries, and market participants, in accordance with the provisions of the insurance regulatory law, its executive regulations, and amendments.
It added that the warnings issued to the four insurance companies aim to rectify the alleged violations, in order to avoid taking suspension measures against them in accordance with the applicable legal frameworks.
The Unit emphasized the necessity for all companies and entities under its supervision to comply with the relevant laws, regulations, and decisions, reaffirming its continued role in supervision and taking necessary legal actions against any violations, thereby ensuring the protection of market participants’ rights and enhancing compliance and discipline levels in the insurance market.
In this context, Talal Al-Moharib, Director of the Legal Affairs Department at the Insurance Regulation Unit, stated that protecting the rights of policyholders, beneficiaries, and market participants represents a fundamental priority for the Unit, which strives to translate this into practice by developing regulatory and supervisory frameworks, and issuing decisions and circulars that ensure the protection of all parties’ rights and enhance adherence to effective legislation.
Al-Moharib added that the Unit will not tolerate taking necessary legal actions against any entity proven to have breached its legal obligations or endangered the rights of market participants, based on its responsibility to ensure the safety of the sector and enhance confidence in the insurance system.
The Insurance Regulation Unit confirmed that these measures are an extension of its efforts to establish a more disciplined and transparent insurance environment, enhance the effectiveness of supervision and compliance, and elevate professional and regulatory practices in line with global best standards and practices, thereby contributing to the protection of policyholders’ and beneficiaries’ rights, and supporting the stability and sustainability of the insurance sector.
