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samaSaudi Central BankNews SAMA Allows the Arabian Shield Cooperative Insurance Company to Resume Issuing New Motor Insurance Policies
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SAMA Allows the Arabian Shield Cooperative Insurance Company to Resume Issuing New Motor Insurance Policies
3/9/2017 12:00 AM

Further to SAMA's announcement on 8/1/2017 (10/4/1438H) that it was suspending the Arabian Shield Cooperative Insurance Company (Arabian Shield) from accepting new subscribers to motor insurance and consequently from issuing any new motor insurance policies with effect on 9/1/2017 (11/4/1438H), SAMA announces that it is allowing Arabian Shield to resume accepting new subscribers and thus to resume issuing new motor insurance policies starting from 12/3/2017 (13/6/1438H).

The decision to allow Arabian Shield to accept new business is a result of the Company having addressed the non-compliance issues that led to the suspension and to the Company's renewed commitment to comply fully with all the regulations that protect the rights of insureds and the beneficiaries of insurance coverage as well as the Company's renewed commitment to the  constant enhancement of the systems supporting its claims settlement and customer complaints resolution activities.

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