Latest news with #AlSagr
Argaam
22-06-2025
- Automotive
- Argaam
Al Sagr to resume compulsory vehicle insurance sales
Al Sagr Cooperative Insurance Co. announced that the Insurance Authority (IA) issued a decision, on June 19, lifting the suspension and allowing the company to resume selling compulsory vehicle insurance. The decision follows the company's board of directors taking steps to implement effective governance measures, rectify previously recorded violations, and comply with regulatory standards and requirements. The IA also emphasized the need for continued compliance with all applicable laws, regulations, and instructions, in addition to taking necessary measures to prevent any recurrence of such violations. The decision is expected to have a positive impact on the company's performance, as compulsory vehicle insurance is one of its core and high-return products. According to data available with Argaam, Al Sagr received a letter in February from the IA suspending the sale of compulsory vehicle insurance as of Feb. 19, 2025, due to supervisory violations and the board's failure to implement effective governance practices. The company had then anticipated that the decision would negatively affect its financial results for 2025.
Argaam
20-02-2025
- Business
- Argaam
Al Sagr Insurance board member resigns over governance concerns
Logo of Al Sagr Cooperative Insurance Co. Al Sagr Cooperative Insurance Co. announced the resignation of independent board member Saleh Alderaan. In a statement to Tadawul, Al Sagr said Alderaan resigned due to what he described as weak implementation of effective governance practices and the absence of a clear strategy. The resignation was submitted on Feb. 19, the company added. Alderaan had joined the board on Jan. 19. According to data available on Argaam, the insurance regulator issued a decision yesterday suspending Al Sagr from selling mandatory vehicle insurance due to violations of supervisory and regulatory requirements and the board's failure to implement effective governance measures.
