Al Sagr to resume compulsory vehicle insurance sales
Al Sagr Cooperative Insurance Co. announced that the Insurance Authority (IA) issued a decision, on June 19, lifting the suspension and allowing the company to resume selling compulsory vehicle insurance.
The decision follows the company's board of directors taking steps to implement effective governance measures, rectify previously recorded violations, and comply with regulatory standards and requirements.
The IA also emphasized the need for continued compliance with all applicable laws, regulations, and instructions, in addition to taking necessary measures to prevent any recurrence of such violations.
The decision is expected to have a positive impact on the company's performance, as compulsory vehicle insurance is one of its core and high-return products.
According to data available with Argaam, Al Sagr received a letter in February from the IA suspending the sale of compulsory vehicle insurance as of Feb. 19, 2025, due to supervisory violations and the board's failure to implement effective governance practices.
The company had then anticipated that the decision would negatively affect its financial results for 2025.
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