UCA gets SAMA’s approval to issue new auto policies

04/04/2017 Argaam

United Cooperative Assurance Co. (UCA) will resume issuing auto insurance policies and renew existing ones, starting from April 5 after obtaining approval from the Saudi Arabian Monetary Authority (SAMA), the company said in a statement to Tadawul on Tuesday.

 

The ban was lifted after the company managed to fulfill regulatory requirements for vehicle claim settlements and customer complaints.

 

UCA added that it expects the lifting of the ban to have a positive impact on its sales starting April 5. 

 

Last December, the kingdom’s insurance market regulator had suspended UCA from renewing and issuing new auto policies due to violations.

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