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Allianz Saudi Fransi and Al Alamiya for Cooperative Insurance penalized for non respect of regulatory requirements

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Magazine Issue: 
Reinsurers back to the wall [3]
Magazine date: 
Nov 2017

Allianz Saudi Fransi Insurance Company and Al Alamiya for Cooperative Insurance have been fined 10 000 SAR (2 670 USD) and 50 000 SAR (13 350 USD) respectively by the Saudi Arabian Monetary Agency (SAMA).

The first company was penalized for not paying the fees of the audit committee before the prescribed deadline.

The second one was sanctioned for the signing of an agreement with Riyad Bank without prior authorization of its shareholders.

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Tue, 05/12/2017 - 14:22

Source URL: https://www.atlas-mag.net/en/article/allianz-saudi-fransi-and-al-alamiya-for-cooperative-insurance-penalized-for-non-respect-of-r

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