Riyadh – Mubasher: Al Inma Tokio Marine Company received a letter from the Saudi Arabian Monetary Authority (SAMA) obliging it to appoint a consultant.

The consultant will be responsible for studying the reasons behind the weak performance of internal surveillance in applying some of SAMA’s regulations, according to a bourse filing on Thursday.

The letter also obliges the firm to submit a written assertion concerning the appointment of the consultant in no more than 15 working days from the date of receiving the official letter.

SAMA also required a detailed report regarding the work of the consultant to be submitted by the beginning of each calendar month, in addition to a new correction plan, on condition that the company should comply to resolve its situation during 90 days from the date of hiring the consultant.

The authority’s letter is considered a final notice for the company, and in case of non-compliance, SAMA would take one or more disciplinary actions against the firm, the statement said.

SAMA highlighted that the firm may be subject to the prevention of accepting new subscribers or investors in any of its insurance activities.

Al Inma Tokio Marine assured that it is capable of resolving it situation in the set period.