SAMA sanctions seven insurance companies in Saudi Arabia
Insurance supervisory authority, SAMA has banned three insurance companies and four agencies from underwriting and renewing motor policies.
This penalty comes as a result to non-compliance with regulations and disregard to pricing rules. SAMA's market remediation plan has been devised to strengthen the protection of policyholders and promote good practices among insurance companies.
The three sanctioned companies are Arabian Shield Cooperative Insurance, Saudi-Indian Company for Cooperative Insurance, Malath Cooperative Insurance and Reinsurance.
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