Fines for Salama Cooperative Insurance and Wafa Insurance

Saudi authorities have fined Salama Cooperative Insurance and Wafa Insurance respectively 70 000 SAR (18 666 USD) and 140 000 SAR (37 332 USD) for breaching Article 34 governing the rules and instructions on the conduct of business.

These requirements are listed in the electronic files 1, 5 and 6 approved by the insurance commission. The penalized companies failed to return to the regulators the information file (number 1) and to update the other two files (number 5 and 6).