Ajyad gets SAMA nod to resume auto insurance coverage

28/11/2017 Argaam

 

Ajyad Al-Khaleej Insurance Co. will resume issuing mandatory auto insurance policies and renewing existing ones starting Nov. 23, after obtaining approval from the Saudi Arabian Monetary Authority (SAMA).

 

The ban was lifted after the insurer 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 Tuesday.

 

Ajyad was among four agencies banned by SAMA from issuing and renewing auto insurance policies in August.  

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