Malath gets SAMA nod to resume auto policies

05/11/2017 Argaam

 

Malath Cooperative Insurance and Reinsurance Co. will resume issuing mandatory auto insurance policies and renewing existing ones starting Nov. 6, after obtaining approval from the Saudi Arabian Monetary Authority (SAMA).

 

The ban was lifted after the company managed to fulfill regulatory requirements for vehicle claim settlements and pricing, along with internal compliance and monitoring procedures, the central bank and insurance market regulator said in a statement  on Sunday.

 

Malath was banned by SAMA from issuing and renewing auto insurance policies in August. 

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