Union Cooperative Insurance Co. (Al-Etihad) has developed a corrective plan to fix the irregularities defined previously by the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator.
“The new plan is unlikely to have any financial impact on the company,” the insurer said in a statement to Tadawul on Wednesday.
Last month, SAMA decided to ban Al-Etihad from issuing new insurance policies due to some violations pertaining to claims’ settlement, Argaam reported.
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