SAMA ALLOWS MEDITERRANEAN AND GULF COOPERATIVE INSURANCE AND REINSURANCE COMPANY (MEDGULF) TO RESUME ISSUING NEW MOTOR INSURANCE POLICIES

Further to SAMA’s announcement on 28/11/2016 (28/02/1438H) that it was suspending the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) from accepting new subscribers to motor insurance and consequently from issuing any new motor insurance policies with effect on 29/11/2016 (29/02/1438H), SAMA announces that it is allowing MEDGULF to resume accepting new subscribers and thus to resume issuing new motor insurance policies starting from 5/3/2017 (6/6/1438H).

The decision to allow the MEDGULF to accept new business is a result of the Company having addressed the non-compliance issues that led to the suspension and to the Company’s renewed commitment to comply fully with all the regulations that protect the rights of insureds and the beneficiaries of insurance coverage as well as the Company’s renewed commitment to the  constant enhancement of the systems supporting its claims settlement and customer complaints resolution activities.