Walaa gets IA’s final approval on insurance product

29/12/2024 Argaam
Logo ofWalaa Cooperative Insurance Co.

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. received the final approval from the Insurance Authority (IA) to market and sell a new insurance product, surety bonds.

 

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In a statement to Tadawul, the company said that this product is developed by the Saudi insurance sector in collaboration with the Public Investment Fund (PIF) and the IA as a financial guarantee solution that aims to ensure contractors meet their contractual obligations on construction projects being developed by PIF companies.

 

This product will be marketed and managed by Walaa, as the co-insurance pool leader for a period of five years, with the identification number (F-WALA-1-C-24-098).

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