Amana gets ‘final warning’ from SAMA to fix irregularities

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator, has issued a final warning to Amana Cooperative Insurance Co. (Amana Insurance) regarding the weak performance of the risk-management committee.

SAMA also said Amana is in need for a board-approved strategy as well as updated regulations and policies.

The insurer must fix all irregularities outlined in SAMA’s letter within 20 days to avoid the authority’s action against the company, it said in a bourse filing.

Failure to comply with SAMA’s regulations could result in the insurer being banned from issuing or renewing insurance policies.

Amana in a statement to Tadawul said it would meet all requirements before the deadline.