Amana Insurance’s appeal against SAR 12 mln fine dismissed

Saudi Arabia’s Board of Grievances (BoG) on Jan. 8 dismissed Amana Cooperative Insurance Co.’s (Amana Insurance) appeal against a SAR 12.4 million fine issued by the Council of Cooperative Health Insurance (CCHI), the insurer said in a bourse statement.

The Board’s decision may be appealed within 30 days.

No negative impact is expected on financial results, as Amana Insurance has previously set aside a provision for the matter, the statement said.

The insurer added that it will announce any developments as they occur.

In February 2017, the CCHI ordered Amana Insurance to pay SAR 12.4 million for violations in policy issuance and regulations, Argaam previously reported.