Al Sagr submits corrective plan to central bank

25/03/2018 Argaam

 

Al Sagr Cooperative Insurance Co. said in a bourse statement that it submitted on Mar. 22 a corrective plan to the Saudi Arabian Monetary Authority (SAMA) about the existence of vacancies in leading positions.

 

In February, the insurance market regulator and the Kingdom’s central bank warned the insurer against the existence of vacancies in leading positions, which may adversely impact shareholders' equity, Argaam reported.

 

The insurer was also cautioned against a vulnerability of its technical system relating to claims and settlement procedures.

 

Al-Sagr was granted a period of 20 days to rectify irregularities, otherwise it would be banned from issuing or renewing policies.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.