Riyadh – Mubasher: United Cooperative Assurance Company has received a notification from the Insurance Authority on 22 September, mandating the immediate suspension of issuing or renewing all insurance policies.
The regulatory directive covers all insurance products, including those provided to the individual segment and extended warranty products.
The suspension was issued as a result of the company violating supervisory and regulatory instructions.
United Cooperative Assurance stated that the decision is expected to have a negative impact on its financial results during the year 2026. However, the company noted that the full extent of this financial impact cannot be measured at the current time.
Management is currently working to implement effective and practical corrective measures to ensure full compliance with regulatory requirements in coordination with the Insurance Authority.
The company confirmed it will announce any further developments regarding the suspension as they occur.
In August, United Cooperative Assurance opened the nomination process for its board of directors for the upcoming three-year term.
