Saudi Indian Company for Cooperative Insurance (Wafa Insurance) has been banned by the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, from issuing auto insurance policies as of April 27, SAMA said in a statement.
The insurer was suspended due to its non-compliance with the regulations related to settlement of obligations and customer complaints, said SAMA, which regulates the Saudi insurance market.
The ban will be lifted when the company fixes irregularities, the central bank added.
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