SAMA revokes Broker Vision license

Saudi Central Bank headquarter

The Saudi Central Bank (SAMA) revoked today, Oct. 29, the license of Broker Vision Co.

The decision is in accordance with the provisions of the Cooperative Insurance Companies Control Law and with SAMA's objectives of promoting financial sector stability, enhancing confidence, protecting insured rights, and preventing illegal practices in the insurance sector, SAMA said in a statement.

Furthermore, SAMA emphasized the importance of only dealing with authorized financial institutions and keeping up with periodic updates in this regard. SAMA continues to monitor the status of all insurance companies in order to take the necessary measures to ensure the sector's and its participants' stability and protection.

It also urged all claimants to file their claims with the company. If no response is received within three (3) working days, complaints can be filed with SAMA's Consumer Protection Department within thirty (30) days of this announcement via: (www.samacares.sa) or the toll-free number (8001256666), the statement added.