MedGulf gets regulatory nod to issue new auto insurance policies

05/03/2017 Argaam

The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) received on Thursday regulatory approval to issue new auto insurance policies and renew existing ones, starting today.

 

The Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank and insurance market regulator, had banned MedGulf from renewing and issuing new auto policies on November 29, 2016.

 

The insurer expects the decision to have a positive impact on its sales for the current year. 

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