Walaa says SAMA’s regulatory requirements met

Saudi United Cooperative Insurance Co. (Walaa) has taken corrective actions to settle pending vehicle claims and customer complaints, in line with the regulatory requirements set by the Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank and insurance market regulator, according to the insurer’s statement to Saudi bourse, Tadawul.

Last April, Walaa said it was ordered by SAMA to fulfill regulatory requirements on pending vehicle claim settlements and customer complaints within 20 days, data compiled by Argaam showed.