United Cooperative Assurance Co. has hired accounting firm Ernst & Young to advise on restructuring its auto insurance sector and insurance claims settlement, the company said in a statement to the Saudi bourse, Tadawul.
Saudi Arabian Monetary Authority (SAMA) banned the company, effective Dec. 7, from accepting new subscribers to its auto insurance segment or renewing current policies because it failed to meet regulatory requirements regarding insurance claims.
The insurer was required by SAMA, the insurance market regulator and central bank, to appoint a SAMA-approved consultant to evaluate its measures to restructure its auto insurance sector, so that it could deal with insurance claims settlements and the processing of customer complaints.
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