SAMA may demand that the violated company be wound
up
According to Law On Supervision of Cooperative Insurance Companies
Article 19
The Agency may, if it establishes that an
insurance or re-insurance company has violated
the provisions of this Law or its Implementing
Regulations, or has followed a policy that would
seriously effect its ability to meet its obligations,
adopt one or more of the following measures:
1. appoint one or more consultant to provide the
company in managing its business activities;
2. suspend or dismiss any board member or
employee held responsible for such violation;
3. prevent the company from admitting new
subscribers, investors or participants in any of
its insurance activities or put a limitation on
these acts; or
4. oblige the company to take any action the
Agency deems necessary.
If the Agency finds that the company has
continued to violate the provisions of this Law or
its Implementing Regulations and failed to take
any of the measures taken by the Agency, despite
the penalties imposed on it under this Law, the
Agency may demand that the company be wound
up.
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