Regulator bans Arabian Shield from issuing auto insurance

08/01/2017 Argaam

Saudi Arabian Monetary Authority (SAMA) has banned Arabian Shield from accepting new subscribers to its auto insurance business for at least a month, effective Jan. 9, 2017

 

The company failed to meet the regulatory requirements regarding insurance claims and customers’ complaints, SAMA said in a statement.

 

SAMA, the insurance market regulator and the kingdom’s central bank, required the company to settle the current insurance claims and complaints, and added it would extend the ban if the company didn’t meet the requirements.

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