SAMA lifts ban on Al-Etihad issuing new policies

28/05/2019 Argaam

 

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance market regulator, will allow Al-Etihad Cooperative Insurance Co. to issue and renew insurance policies starting Tuesday, May 28, insurer said in a statement to Tadawul.

 

The move came after the insurer took necessary corrective measures to comply with regulatory requirements.

 

Al-Etihad expected SAMA's decision to reflect positively on sales as of Q2 2019.

 

In February, SAMA placed a ban on the insurer from issuing new insurance policies due to some violations pertaining to claims’ settlement.

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