Arabian Shield expects lower sales after auto insurance ban

09/01/2017 Argaam

Arabian Shield Cooperative Insurance Co. expects its sales to decline in the coming month as a result of a ban imposed by the Saudi Arabian Monetary Authority (SAMA) on its auto insurance policies.

 

SAMA has asked the insurer to present a detailed report on its plans to reform its auto policies in order to meet regulatory requirements by Feb. 9, 2017.

 

The insurance market regulator had banned Arabian Shield on Jan. 9 from accepting new subscribers to its auto insurance business for at least a month after the insurer failed to meet regulatory requirements on insurance claims and customer complaints.

 

Clients with valid insurance policies will not be affected by the ban as the company can still renew their policies, Arabian Shield said, while vowing to work towards having the ban removed as soon as possible.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.