Al Sagr submits corrective plan to central bank

Al Sagr Cooperative Insurance Co. said in a bourse statement that it submitted on Mar. 22 a corrective plan to the Saudi Arabian Monetary Authority (SAMA) about the existence of vacancies in leading positions.

In February, the insurance market regulator and the Kingdom’s central bank warned the insurer against the existence of vacancies in leading positions, which may adversely impact shareholders' equity, Argaam reported.

The insurer was also cautioned against a vulnerability of its technical system relating to claims and settlement procedures.

Al-Sagr was granted a period of 20 days to rectify irregularities, otherwise it would be banned from issuing or renewing policies.