Withdrawal of United General Insurance's license

The Financial Regulatory Authority has cancelled United General Insurance's license, a move of its kind in the insurance industry. The company's liabilities will be transferred to the Vehicle Accident Fund and the Fund for the Protection of Policyholders' Rights.

This withdrawal comes after a series of sanctions imposed on the insurer over the past two years. Mismanagement and wronf practices have led to an erosion of capital, as the company could no longer meet its obligations.

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