Trade Union Cooperative Insurance Co. submitted on Tuesday a restructuring plan to the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance market regulator, the company said in a bourse statement.
SAMA ordered the insurer on April 26 to comply with regulatory requirements pertaining to internal auditing and compliance issues, in addition to the settlement of insurance claims.
Trade Union was granted a grace period of 30 business days to fix the irregularities.
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