Arabian Shield Cooperative Insurance Co. said on Sept. 21 it submitted a plan to the Saudi Arabian Monetary Authority (SAMA) setting out the corrective measures to be taken regarding SAMA’s auto insurance policies ban.
The company’s board of directors on Oct. 15 also provided the Saudi insurance regulator with a follow-up report on the plan implementation, the insurer said in a bourse statement.
In August, SAMA had banned Arabian Shield, Malath Cooperative Insurance Company, and Saudi Indian Company for Cooperative Insurance (Wafa Insurance) from issuing or renewing auto insurance policies after the insurers flouted regulations related to mandatory auto insurance policies, Argaam reported.
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