Wednesday 18, July 2018 by Kudakwashe

SAMA warns Al Alamiya to fix irregularities

 

Failure to comply with SAMA’s regulations could result in the insurer being banned from issuing or renewing insurance policies.

  

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator, has issued a final warning to Al Alamiya Cooperative Insurance to deal with the weak performance of its internal auditing and ineffective corporate governance.

In a statement, SAMA said that the insurer must fix all irregularities outlined in its letter within 20 days to avoid the authority’s action against the company.

Al Alamiya issued a statement to Tadawul saying that it would meet all requirements before the deadline.

 

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