The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator, has ordered Saudi Enaya Cooperative Insurance Co. to fix irregularities, related to the weak performance of the internal auditing and other compliance issues.
In May, SAMA banned Saudi Enaya from issuing new insurance policies or renewing outstanding ones.
The central bank also ordered the Saudi insurer to appoint a financial advisor in 15 days and the adviser should submit a final report on the related developments in 60 business days.
Saudi Enaya in a statement to Tadawul said it would meet all requirements before the deadline.
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