Arabian Shield gets SAMA nod to resume auto insurance coverage

30/11/2017 Argaam

 

Arabian Shield Cooperative Insurance Co. will resume issuing mandatory auto insurance policies and renewing existing ones starting today, Nov. 30, 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 Thursday.

 

In a separate statement to the Saudi bourse, the insurer said it expects the lifting of the ban to have a positive impact on its sales starting Thursday, Nov. 30. 

 

In August, Arabian Shield, Malath Cooperative Insurance and Wafa Insurance were banned by SAMA from issuing or renewing auto insurance policies.  

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