Arabian Shield Cooperative Insurance Co. will be able to issue new auto insurance policies starting Sunday, March 12, after obtaining approval from the Saudi Arabian Monetary Authority (SAMA) on Thursday, the insurer said in a statement to Tadawul.
SAMA, the kingdom’s central bank and insurance market regulator, had suspended Arabian Shield in January from issuing auto policies.
The ban was lifted last week after the Saudi insurer managed to fulfill the regulatory requirements for vehicle claim settlements and settle customer complaints.
The lifting of the ban will have a positive impact on the company’s sales starting March 12, 2017, Arabian Shield said.
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