SAMA lifts ban on Malath issuing new auto policies

11/01/2017 Argaam

The Saudi Arabian Monetary Authority (SAMA), the central bank and insurance market regulator, has lifted the ban on Malath Cooperative Insurance and Reinsurance Co. (Malath Insurance) to issue new auto insurance policies.

 

The insurer is allowed to issue new policies from January 11, 2016, the regulator said in a statement on Wednesday.

 

The Saudi insurer has met all regulatory requirements regarding car insurance claims and complains from clients, SAMA said.

 

In November, SAMA had banned Malath Cooperative from issuing new auto insurance policies due to clients’ complaints.

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