SAMA orders MetLife AIG ANB to fix irregularities

01/04/2018 Argaam

MetLife AIG ANB Cooperative Insurance Co. said it has been asked by the Saudi Arabian Monetary Authority (SAMA) to settle the delayed health insurance claims.

 

SAMA, the kingdom’s central bank and the insurance market regulator, ordered the insurer to comply with the regulatory requirements, pertaining to internal auditing, compliance issues, leading job vacancies, in addition to the settlement of insurance claims, MetLife AIG ANB said in a bourse statement.

 

SAMA has directed the insurer to adopt a corrective plan and to submit a detailed report to explain the measures taken in this regard.

 

The insurer was also ordered to appoint a financial adviser in 15 days to assess the internal controls. The insurer has 60 business days to fix the irregularities and take corrective measures, failing which it will be banned from issuing new insurance policies.

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