AXA Cooperative Insurance Co. has received a final warning from the Saudi Arabian Monetary Authority (SAMA) regarding the delays caused by its technical system relating to claims and settlement procedures, the company said in a bourse statement.

 

SAMA, the Kingdom’s central bank and insurance market regulator, gave the insurer a 20-day notice to fix irregularities, or it could be banned from issuing or renewing policies.

 

AXA will take the necessary measures to meet regulatory requirements, the statement added.

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