Al Alamiya gets ‘final warning’ from SAMA to fix irregularities

16/07/2018 Argaam

 

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator, has issued a final warning to Al Alamiya Cooperative Insurance Co. regarding the weak performance of the internal auditing and the ineffective corporate governance.

 

The insurer must fix all irregularities outlined in SAMA’s letter within 20 days to avoid the authority’s action against the company, the insurer said in a bourse filing.

 

Failure to comply with SAMA’s regulations could result in the insurer being banned from issuing or renewing insurance policies.

 

Al Alamiya in a statement to Tadawul said it would meet all requirements before the deadline.

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