The Insurance Authority has decided, effective today (Thursday, February 19, 2026), to suspend the issuance or renewal of insurance policies for all vehicle products, including comprehensive vehicle insurance policies, due to United Cooperative Insurance Company’s failure to make the necessary efforts to rectify insurance conditions, which affected the services provided to insureds and beneficiaries.
The authorities explained in a statement that this procedure is the implementation of the provisions contained in Article 19 of the Cooperative Insurance Company Management System and its amendments issued by Royal Decree No. (M/32) dated 1424 AH 06/02/06.
He added that the suspension decision does not release the company from its obligations relating to valid insurance policies and claims that may arise therefrom, and that it must take all necessary steps to ensure that the company’s interests are not affected.
protection of rights
The authorities indicated that this action was taken within the keen framework of contributing to the stability, organization, supervision and control of the insurance industry and protecting the rights of insureds, beneficiaries and stakeholders, and stressed in this regard that the suspension of the company will not be lifted until it proves that it has rectified conditions and complied with regulatory standards and requirements.
The Insurance Authority has called on all those who have existing rights against the company to contact the company regarding this matter, and if they do not receive a response, they must submit a submission to the Insurance Authority via the Insurance Authority’s official website.
The Insurance Authority has decided today, Thursday, February 19, 2026, to suspend Al Muttahida Cooperative Insurance Company from issuing or renewing insurance policies for all motor vehicle products, including comprehensive vehicle insurance policies, for failing to take the necessary care to rectify the situation that affected the services provided to insureds and beneficiaries.
The authorities said in a statement that the measure is based on Article 19 of the Cooperative Insurance Company Management System based on Royal Decree No. 19 (M/32) of 2 June 1424 and its amendments.
It added that the suspension decision does not relieve the company of its obligations related to its existing insurance contracts and any claims that may arise therefrom, and that all necessary steps must be taken to ensure that the insurance company’s profits are not affected.
protection of rights
The authorities said the measures are part of their commitment to contribute to the stability of the insurance sector, organize it, supervise and monitor it, and protect the rights of insureds, beneficiaries and stakeholders. In this regard, it emphasized that the suspension will not be lifted until the company proves that it has rectified the situation and complied with regulatory standards and requirements.
The health authority called on all those with existing rights against the company to contact the company regarding this matter and, if not, to submit a complaint to the health authority through its official website.
