Saudi Arabian regulator suspends local insurer from issuing policies
Posted On: Oct. 3, 2017 4:00 AM CSTFinancial services regulator Saudi Arabian Monetary Agency has barred local insurer SABB Takaful Co. from issuing or renewing insurance policies citing weaknesses in the insurer's internal controls, Reuters reported. SAMA has asked SABB Takaful to hire a consultant with the regulator's sanction to study the causes of the weaknesses and work towards resolving them. The suspension does not absolve the insurer from its obligations and claims related to existing insurance policies, the regulator added.