SAMA halts issuing, renewal of Gulf General’s vehicle policies

31/01/2016 Argaam

The Saudi Arabian Monetary Agency (SAMA), which regulates Saudi Arabia’s insurance industry, has suspended the issuing or renewal of vehicle policies by Gulf General Cooperative Insurance Co. as of Sunday, January 31.

 

The suspension is due to violations of vehicle coverage laws and the company’s weak internal monitoring system, the insurer said in a bourse statement on Sunday.

 

The company added that it would submit to SAMA a detailed plan in order to take corrective action and avoid similar violations going forward.

 

The enforced measure will likely have a negative impact on vehicle insurance income, statement added.

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