The Monetary Agency stops an insurance company from issuing new vehicle policies for ignoring customer complaints
The Monetary Agency stops an insurance company from issuing new vehicle policies for ignoring customer complaints
The Monetary Agency stops an insurance company from issuing new vehicle policies for ignoring customer complaints
The Saudi Arabian Monetary Agency announced that the Arabian Shield Cooperative Insurance Company has stopped issuing any new vehicle insurance policy for a minimum period of one month, due to the company’s failure to fully comply with the statutory requirements related to the settlement of vehicle insurance claims and handling customer complaints despite the continuous follow-up from the Saudi Arabian Monetary Agency.
She explained that the decision came in implementation of the Cooperative Insurance Companies Control Law, as of 4/11/1438 AH corresponding to 1/9/2017 AD, stressing that the suspension will not be lifted until the company has corrected its conditions and adhered to the standards and requirements that guarantee the rights of customers and beneficiaries of insurance coverage.
She added that the suspension decision does not absolve this company from its obligations related to the valid insurance policies and the claims that arise from them, noting that in the event that the company does not correct its situation, the institution will take additional legal measures.
