SAMA lifts ban on Allianz SF’s mandatory auto policies

The Saudi Arabian Monetary Authority (SAMA) has lifted the ban off Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) on issuing new mandatory motor insurance policies and renewing current ones, effective June 5, the insurer said in a statement to Tadawul.

The decision is expected to have an immediate positive impact on sales, the statement said.

In January, SAMA banned Allianz SF from issuing or renewing mandatory policies as a result of violations and failing to meet regulatory requirements on pricing and market competitiveness, Argaam previously reported.

The company was then asked to adopt a corrective plan and submit a report detailing the measures taken in this regard.

Alianz was able to implement the corrective plan through continued development of its internal auditing system.