KSA – SAMA lifts the Ban on Union Cooperative Ins.
Thursday, 05 30 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) announced its decision to lift the ban on the Union Cooperative Insurance Company and enables it to resume issuing Vehicle insurance policies starting on Tuesday 23/9/1440H, corresponding to 28/5/2019.
This comes further to SAMA announcement dated 5/5/1440H, corresponding to 5/2/2019, which included suspending the company from accepting new subscribers in vehicle insurance.
SAMA clarified that the decision to lift the ban came after the company had taken corrective and effective measures in dealing with the violations. The company also affirmed its commitment to continue implementing the corrective measures.