Al Ahlia for Cooperative Insurance Co.’s board of directors has decided to drop related party transactions not approved by the company’s general assembly, the company said in a bourse statement.
The transactions were to take place among the company and some other companies in which some board members have a direct or an indirect interest, the statement added.
The decision comes in-line with the general assembly’s meeting resolution within the deadline.
The step will have an immaterial impact on the company’s gross written premiums, the insurer added.
O May 31, 2018, the company’s board refused to approve related party transactions to take place among the company and some other companies.
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