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