Regulator warns Al Sagr against vacant leading positions

22/02/2018 Argaam

The Saudi Arabian Monetary Authority (SAMA), the banking and insurance sector regulator, has warned Al Sagr Cooperative Insurance Co. on Wednesday of the existence of vacancies in leading positions, which may adversely impact shareholders' equity.

 

The insurer was also cautioned against a vulnerability of its technical system relating to claims and settlement procedures, the company said in a bourse statement.

 

The regulator gave the company a 20 day notice to rectify irregularities, or it could be banned from issuing or renewing policies.

 

The company undertook to meet regulatory requirements.

 

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