The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator, has issued a final warning to Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) regarding the insurer’s non-compliance with regulations.
The insurer must fix all irregularities outlined in SAMA’s letter within 20 days to avoid the authority’s action against the company, the insurer said in a bourse filing.
Failure to comply with SAMA’s regulations could result in the insurer being banned from issuing or renewing insurance policies.
Al Rajhi Takaful said it would meet all requirements before the deadline.
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