SAMA lifts ban on ACIG issuing new auto policies

02/02/2017 Argaam

The Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank and insurance market regulator, lifted on Feb. 1 its ban on Allied Cooperative Insurance Group (ACIG) issuing new auto insurance policies, the insurer said in a statement to Tadawul on Thursday.

 

ACIG is allowed to issue new policies starting Feb. 2, which will have a positive impact on sales, the company added.

 

SAMA had banned ACIG, MedGulf, and Malath Insurance from issuing new auto insurance policies on Nov. 29, 2016 for not meeting regulatory requirements regarding car insurance claims or complaints from clients.

 

The ban on Malath Insurance was lifted earlier this month. 

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