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| 18 July, 2018

Saudi SAMA warns Al Alamiya to fix irregularities

SAMA said that the insurer must fix all irregularities outlined in its letter within 20 days to avoid the authority’s action against the company.

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

REUTERS/Faisal Al Nasser

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator, has issued a final warning to Al Alamiya Cooperative Insurance to deal with the weak performance of its internal auditing and ineffective corporate governance.

In a statement, SAMA said that the insurer must fix all irregularities outlined in its letter within 20 days to avoid the authority’s action against the company.

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Al Alamiya issued a statement to Tadawul saying that it would meet all requirements before the deadline.

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