The Saudi Arabian Monetary Authority (SAMA) has lifted ban on United Cooperative Assurance Co. (UCA) to issue and renew mandatory auto insurance policies, as of Thursday, Jan. 11, the Kingdom’s central bank and the insurance market regulator, said in a statement.
The move came after the insurer succeeded to meet regulatory requirements regarding insurance claims and internal auditing, SAMA added.
In September, SAMA banned UCA from issuing or renewing auto policies for failing to meet regulatory requirements, Argaam previously reported.
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