Amana’s appeal against CCHI SAR 12 mln fine dismissed

Saudi Arabia’s Administrative Appeal Court has rejected Amana Cooperative Insurance Co.’s (Amana Insurance) appeal against a SAR 12.4 million fine issued by the Council of Cooperative Health Insurance (CCHI), the insurer said in a bourse statement.

The court’s ruling has no negative impact on the insurer’s financial statements, as it previously set aside provisions to hedge against the repercussions of the claim, the statement said.

The insurer added that it will duly disclose any updates.

Saudi Arabia’s Board of Grievances (BoG) on Jan. 8 dismissed Amana appeal against a SAR 12.4 million fine issued by the CCHI.

In February 2017, the CCHI ordered Amana Insurance to pay SAR 12.4 million for violations in policy issuance and regulations, Argaam previously reported.