Saudi Arabian Cooperative Insurance Co. (SAICO) said it was ordered by the Saudi Arabian Monetary Agency (SAMA) to conduct an “urgent investigation” on recording some claims pertaining to fiscal year 2015 in the insurer’s Q1-2016 financial results.
The insurer said it will define the related financial impact of these claims on FY15 financial results and take the required corrective actions, SAICO added in a statement to the Saudi bourse on Thursday.
A detailed report on the probe results will be submitted to SAMA, the kingdom’s insurance market regulator, by April 21.
SAICO added that those claims have no material impact on last year’s figures, as sufficient provisions were allocated in the motor insurance segment, as well as other business segments in 2015.
The Saudi market regulator suspended trading on SAICO’s shares on Thursday morning, pending relevant disclosures.
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