Saudi authorities have suspended an insurance company for failing to comply with regulations requiring jobs to be offered to Saudi citizens.

Al Yamama Insurance Broker Suspended

The Saudi Insurance Authority announced the suspension of Al Yamama Insurance Broker Company effective Tuesday, citing non-compliance with the localisation of sales jobs.

Impact of the Suspension

The government agency clarified that the suspension does not exempt the company from fulfilling obligations related to active insurance policies or any arising claims. The authority assured that necessary measures will be taken to safeguard client interests.

Conditions for Lifting the Suspension

The suspension will be lifted once the company complies with regulatory requirements and rectifies its status. Clients with pending claims are encouraged to reach out to the company, and if no response is received within three days, claims can be filed via the customer protection website.

Saudi Arabia’s Saudisation Policy and Labour Initiatives

Saudi Arabia has introduced multiple initiatives aimed at replacing foreign workers with Saudi nationals across various industries, including education, telecommunications, and real estate, under the Saudisation policy.

Saudisation in Engineering and Sales Professions

In July, a ministerial decision localised 25% of engineering jobs in private companies employing at least five engineers, creating over 8,000 new positions with a minimum salary of SR7,000.

Additionally, Saudi labour authorities began localising sales, purchases, and project management roles, with 15% of sales jobs initially reserved for Saudis. This policy covers positions such as sales managers, IT equipment specialists, and retail agents.

Expansion to Medical Professions

In September last year, the Saudi government announced plans to localise the dental profession, with partial implementation starting in March this year.