The Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, has banned Mediterranean and Gulf Insurance and Reinsurance Co. (Medgulf( from issuing auto insurance policies as of Nov. 29, 2016, the insurer said in a statement.
SAMA, which oversees the kingdom’s insurance sector, cited Medgulf’s non-compliance, with regulations mainly related to settlement of obligations.
Medgulf said the decision is not expected to weigh on its financial position or short-term earnings, but may negatively affect sales during the ban period.
Comments
{{DisplayName}}
{{ElapsedTime}}