Thursday 26, July 2018 by Kudakwashe

Amana Insurance’s appeal against SAR 12 million fine dismissed

 

In February 2017, Saudi Arabia’s Council of Cooperative Health Insurance (CCHI) ordered Amana Insurance to pay SAR 12.4 million for regulatory violations related to policy issuance.

  

Saudi Arabia’s Administrative Appeal Court has rejected Amana Cooperative Insurance’s appeal against a SAR 12.4 million fine issued by the CCHI.

In a statement to Tadawal, Amana Cooperative Insurance, said that the court’s ruling has no negative impact on the insurer’s financial statements, as it previously set aside provisions to hedge against the repercussions of the claim.

The insurer added that it will duly disclose any updates concerning the issue.

 

Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more