Trade Union ordered by SAMA to fix irregularities

26/04/2017 Argaam

The Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank and the insurance market regulator, has ordered Trade Union Cooperative Insurance Co. to comply with the regulatory requirements, pertaining to internal auditing, compliance issues, in addition to the settlement of insurance claims.

 

The Saudi insurer said it has 30 business days to fix the irregularities; else, it will be banned from issuing new insurance policies.

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