Al-Etihad Insurance expects SAMA’s ban decision to weigh on Q1 2019 revenue

06/02/2019 Argaam

 

The ban decision by Saudi Arabian Monetary Authority (SAMA) will weigh on Q1 2019 sales revenue for Al-Etihad Cooperative Insurance Co., the insurer said in a bourse filing on Wednesday.

 

SAMA, the Kingdom’s central bank and the insurance market regulator, on Tuesday placed a ban on the insurer from issuing new insurance policies due to some violations pertaining to claims’ settlement.

 

However, SAMA still allows the insurer to renew the outstanding policies, provided that the renewal period will not exceed 30 days.

 

 The insurer’s board of directors will provide SAMA with a corrective plan in 20 business days maximum, the statement added.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read