Riyadh – Mubasher: Saudi Indian Company for Cooperative Insurance (Wafa Insurance) was suspended by the Saudi Arabian Monetary Authority (SAMA) from issuing motor insurance policies as of 27 April.

The decision came after Wafa did not commit to regulatory requirements related to fixing car insurance claims, handling customer complaints, in addition to the inefficiency of its technical systems.

The suspension will not be lifted until the company resolves its situation and obliges to the terms and conditions that ensure customer rights, according to a bourse statement.