Wafa Insurance says no financial impact of automated detection of insurance

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) will not have any financial impact at present following the General Department of Traffic’s (GDT) announcement on completion of the automatic linking of motor insurance procedures in its records at the National Information Center.

The insurer said in a bourse filing that it is subject to financial reorganization under the Saudi bankruptcy law, following the cessation of its activities.

Any new developments will be disclosed in due course.

The traffic department called on vehicle owners to ensure having valid insurance before July 22 to avoid automated seizure.