SAMA lifts ban on Saudi Takaful Insurance issuing new auto policies

04/01/2018 Argaam

 

The Saudi Arabian Monetary Authority (SAMA), the central bank and insurance sector regulator, lifted the ban on Saudi Takaful Insurance Agency Co., allowing the firm to issue new compulsory auto insurance policies and renew existing ones starting Jan. 3.

 

The agent has taken all the corrective measures as regards the internal controls and compliance management, and also complied with all related regulations to fix irregularities, the central bank said in a statement on Thursday.

 

Saudi Takaful was banned last August by the insurance market regulator from issuing new auto insurance policies due to violations.

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