Saudi Enaya gets SAMA nod to appoint financial advisor

12/08/2018 Argaam

 

Saudi Enaya Cooperative Insurance Co. said it received the Saudi Arabian Monetary Authority’s (SAMA) approval to appoint a financial advisor to submit a final report related to fixing irregularities, the insurer said in a bourse statement.

 

Last month, the Kingdom’s central bank ordered the insurer to fix irregularities, related to weak performance of the internal auditing and other compliance issues.

 

SAMA also directed Enaya to appoint a financial advisor within 15 days. The adviser is to submit a final report on the related developments in 60 business days.

 

Saudi Enaya was banned in May by SAMA from issuing new insurance policies or renewing outstanding ones.

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