Magazine date:
Mar 2005 SAMA has published the first list of the applications submitted for selection on the expiry date of the deadline imposed on insurance companies applying for licenses. This list shall be updated on a monthly basis.
Licensed firm: National Company for Cooperative Insurance (NCCI).
Applications under consideration:
- Al Alamiya Insurance Co.
- Al Rajhi Company For Cooperative Insurance
- Arabian Shiel Insurance Co.
- Axa Cooperative Insurance (AXA-Norwich Union Insurance Saudi Arabia)
- Bupa Arabia
- Mediterranean&Gulf Insurance&Reinsurance Co. (Medgulf)
- Saudi Indian insurance Co.
- Saudi National Insurance Co. (SNIC)
- Saoudi United Cooperative Insurance Company (AMITY)
- Tokio Marine&Nichido
- United Cooperative Assurance Co. (UCA)
When this procedure comes to an end, SAMA announced that it would suspend the delivery of licenses for a period of 5 years.