Al Ahlia for Cooperative Insurance Co. (Al Ahlia) received on Sept. 6 a final warning from the Saudi Arabian Monetary Authority (SAMA) regarding the weak performance of the claims department and the inefficiency of the firm’s technical system, the insurer said in a statement to Tadawul on Sunday.
SAMA, the Kingdom’s central bank and insurance market regulator, gave the insurer a 20-day notice to fix irregularities, or it could be banned from issuing new policies.
Al Ahlia stressed that it will meet all the regulatory requirements within the given timeframe, the statement added.
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