| 1. | SAMA shall request the license withdrawal of the Company or the Insurance and Reinsurance Services Provider in the following cases:
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| | a. | No business activities for a period of six months from the issuance date of the license.
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| | b. | None compliance with the Law and this Implementing Regulations.
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| | c. | Providing SAMA with false information in its licensing application
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| | d. | Conducting its business and affairs in a manner that threatens to make it insolvent or that it is hazardous to its policyholders, stockholders, or the public.
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| | e. | Insolvency, or its assets are not sufficient for carrying on its business.
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| | f. | The business is fraudulently conducted.
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| | g. | The paid up capital falls below the prescribed minimum limit or failure to fulfill the provisions of Article 68.
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| | h. | The business or volume of activities falls to a limit that SAMA finds unviable to operate under.
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| | i. | Refusal or delay of payments due to beneficiaries without just cause.
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| | j. | Refusal to be examined or to produce its accounts, records, or files for examination by SAMA.
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| | k. | Failure to pay a final judgment against it related to its insurance operation.
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| 2. | In case of license withdrawal, the Company’s or the Insurance and Reinsurance Services Provider’s responsibility towards its policyholders shall be transferred to another licensed entity chosen by the beneficiaries with the approval of SAMA.
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| 3. | SAMAshall supervise all settlements related to existing insurance policies where a Company’s business activities and status fall under this Article.
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