Wafa Insurance ordered by SAMA to fix irregularities

30/07/2018 Argaam

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator, has ordered Saudi Indian Company for Cooperative Insurance (Wafa Insurance) to fix irregularities, related to the weak performance of the internal auditing and the corporate governance compliance issues.

 

In May, SAMA banned Wafa Insurance from issuing new insurance policies or renewing outstanding ones.

 

The central bank also ordered the Saudi insurer to appoint a financial advisor in 15 days and the adviser should submit a final report on the related developments in 60 business days.

 

Wafa Insurance said in a statement to Tadawul said it would meet all requirements before the deadline.

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