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United Cooperative Assurance Company announces receiving a letter from the Insurance Authority in regard to suspending the issuance or renewal of Motor Insurance Policies due to regulatory violations
| Element List | Explanation |
|---|---|
| Announcement Detail | The United Cooperative Assurance Company announces receiving a letter from the Insurance Authority on Thursday 02 Ramadan 1447H corresponding to 19 February 2026 regarding the suspension of issuing or renewing motor insurance policies with effect from 19 February 2026 due to violations of supervisory and regulatory instructions. The company expects this decision to have a negative impact on its financial results for the year 2026. However, the extent of this impact cannot be determined at this time, where any further developments on this matter will be announced in due course. The company is working to implement effective and practical corrective measures to comply with the regulatory requirements in coordination with the Insurance Authority.
The company also clarifies that the suspension applies to motor insurance products, while the rest of the insurance products remain available to its valued customers. The company affirms that this decision will not affect its ability to fulfill its obligations and does not, in any way, impact the interests of policyholders who have valid insurance policies issued before the suspension date. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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