SAMA bans Malath, MedGulf, ACIG from issuing auto insurance on violations

28/11/2016 Argaam

The Saudi Arabian Monetary Authority (SAMA), the central bank and insurance market regulator, banned on Monday Malath Cooperative Reinsurance Co, MedGulf and Allied Cooperative Insurance Group (ACIG) from issuing new auto insurance policies, effective Nov. 29, 2016.

 

The companies didn’t meet all regulatory requirements regarding car insurance claims or complains from clients, SAMA said in a statement on its website.

 

The ban doesn’t mean the companies can evade responsibilities toward their current clients, SAMA said, adding that further measures will be taken if the companies don’t abide by the rules. 

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