Malath Insurance adopts corrective plan after ban

22/10/2017 Argaam

 

Malath Cooperative Insurance & Reinsurance Co. said it has adopted a corrective plan to address insurance claims settlements and process customer complaints, in line with instructions from Saudi Arabian Monetary Authority (SAMA), the insurance market regulator and the Kingdom’s central bank.

 

The plan was submitted to the insurer’s board of directors on Aug. 28, 2017 for approval, and a detailed report was sent to SAMA to explain the measures taken in this regard, the insurer said in a statement to Saudi bourse, Tadawul.

 

On Sept. 26, a business team from SAMA visited the company to ensure the corrective measures were in place.

 

In August, SAMA banned Malath from accepting new subscribers to its auto insurance segment or renewing current policies, effective August 20, 2017.

 

SAMA requested the insurer to adopt a corrective plan so that it can deal with insurance claims settlements and process customer complaints, Argaam reported. 

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