MetLife AIG ANB submits corrective plan to SAMA

MetLife AIG ANB Cooperative Insurance Co. has developed a corrective plan to fix the irregularities defined by the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator.

An independent adviser was also appointed for internal monitoring and settlement of delayed health insurance claims, the insurer said in a bourse statement on Monday.

In addition, a final report was submitted on Jul. 1 to SAMA to explain the measures taken in this regard, the statement added.

In March, MetLife was directed by SAMA to comply with the regulatory requirements, pertaining to internal auditing, compliance issues, leading job vacancies, in addition to the settlement of insurance claims, Argaam reported.

The insurer was also ordered to appoint a financial adviser in 15 days to assess the internal controls. The insurer was granted 60 business days to fix the irregularities and take necessary corrective measures.