United Cooperative banned from issuing auto insurance

07/12/2016 Argaam

Saudi Arabian Monetary Authority (SAMA) banned the United Cooperative Assurance Co. from accepting new subscribers to its auto insurance segment or renewing current policies, effective Dec. 7, 2016 starting for three months.

 

The company failed to meet regulatory requirements regarding insurance claims, SAMA added.

 

SAMA, the insurance market regulator and central bank, has required the company to appoint a SAMA-approved consultant to evaluate its measures to restructure its auto insurance sector, so it can deal with insurance claims settlements and the processing of customer complaints.

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