SABB Takaful banned from issuing, renewing policies

03/10/2017 Argaam

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator, has banned SABB Takaful Co. from issuing or renewing saving & protection insurance policies, effective October 3, 2017, the insurer said in a statement to Tadawul.

 

The company failed to meet regulatory requirements regarding insurance claims and internal auditing, SAMA added.

 

The central bank directed the company to appoint a SAMA-approved consultant within 15 business days to evaluate and restructure its insurance sector.

 

The insurer will also prepare a corrective plan to deal with insurance claims settlements and processing customer complaints.

 

The Saudi insurer expects SAMA’s decision to weigh on sales as of Q4 2017. 

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