The ban decision by Saudi Arabian Monetary Authority (SAMA) will weigh on Q1 2019 sales revenue for Union Cooperative Insurance Co., the insurer said in a bourse filing on Wednesday.
SAMA, the Kingdom’s central bank and the insurance market regulator, on Tuesday placed a ban on the insurer from issuing new insurance policies due to some violations pertaining to claims’ settlement.
However, SAMA still allows the insurer to renew the outstanding policies, provided that the renewal period will not exceed 30 days.
The insurer’s board of directors will provide SAMA with a corrective plan in 20 business days maximum, the statement added.
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