SAMA lifts final warning to Walaa insurance

15/08/2017 Argaam

The Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank and insurance market regulator, lifted on Aug. 14 its final warning issued to Saudi United Cooperative Insurance Co. (Walaa) to settle claims and complaints, the insurer said in a statement to Tadawul on Tuesday.

 

This came after Walaa took corrective actions to settle all claims and customer complaints, in line with the regulatory requirements set by SAMA.

 

Last April, Walaa received SAMA’s comments on pending vehicle claim settlements and customer complaints, in addition to remarks on the role of the supervision department at the company.

 

The company submitted in May a letter clarifying the actions it took to correct SAMA’s comments and observations.

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