Saudi central bank lifts ban on Wafa Insurance

28/12/2017 Argaam

 

The Saudi Arabian Monetary Authority (SAMA), the Kingdom's central bank and insurance market regulator, has lifted the ban on  Saudi Indian Company for Cooperative Insurance (Wafa), allowing the insurer to issue new auto insurance policies and renew existing ones starting December 28.

 

The Saudi insurer has taken all the corrective measures as regards the internal controls and compliance management, and also complied with all related regulations to fix irregularities, SAMA said in a statement.

 

Last August, the Saudi central bank banned Wafa Insurance from issuing new auto insurance policies or renewing existing ones due to weak internal controls and compliance management, as well as non-compliance with regulations over the issuance of mandatory auto policies, data compiled by Argaam showed.

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