In reference to our previous announcement dated 12/1/1434H regarding the memorandum of understanding (MOU) with Gulf Electronic Management System L.T.D. Company. We would like to note that we have signed today an agreement to administer the medical insurance claims, and GEMS is licensed by the Saudi Arabian Monetary Agency (SAMA) to work in the Saudi Market as a Third Party Administrator (TPA) with effect from 19/2/1434H Dated 01/01/2013. The period of the agreement is for one year commencing.
The agreement will be cancelled in case the (TPA) Provider is bankrupt, solvent, liquidated, and if they breach any conditions pertaining to the agreed contract between the two companies. This agreement will have a positive impact in the service extended to our clients.
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