Riyadh — Mubasher: Allied Cooperative Insurance Group (ACIG) received a notification from the Insurance Authority on 24 September, ordering the company to suspend the issuance of new comprehensive motor insurance policies.
The regulatory decision, which took effect on the date of receipt, followed violations of supervisory and oversight instructions.
The suspension is specifically limited to the issuance of new comprehensive motor insurance contracts and does not prevent the company from renewing existing policies.
ACIG confirmed that all other insurance products and services remain unaffected and will continue to be offered to clients.
The company has initiated necessary corrective measures and is coordinating with the relevant departments at the Insurance Authority to fulfill requirements for lifting the suspension.
Management stated that the firm remains committed to all obligations toward current policyholders and beneficiaries.
ACIG is currently implementing plans to enhance internal control systems and operational efficiency to ensure business sustainability and regulatory compliance.
The company announced a reduction in its accumulated losses to 47.33% of its capital as of 30 June 2026. The accumulated losses hit SAR 137.73 million against a total capital of SAR 291 million.
