Alinma Tokio Marine Co. on Wednesday said it has received a letter from the Saudi Arabian Monetary Authority (SAMA) directing the company to appoint an advisor to study reasons why the insurer has not complied with some of SAMA’s rules and regulations.
The insurer is required to hire the advisor within 15 days of receiving SAMA’s letter, present a corrective plan and implement it within 90 days from hiring the advisor, the company said in a bourse statement.
If the insurer fails to comply, the Saudi central bank could take one or more regulatory actions against the company, including new subscriptions, investors and policyholders for its insurance activities, the statement added.
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