Saudi Arabian Monetary Agency (SAMA) assigned external auditor to review the position of Sanad Cooperative Insurance Company, after its accumulated losses reached 74.77 percent of capital and capital adequacy ratio hit 8.7 percent.


SAMA said it may take regulatory procedures against any party who have violated the regulations, and such procedures may include barring the company from selling or issuing new policies without prejudice to outstanding commitments.

 

SAMA had rejected in April a request from Sanad to increase its capital by SAR 100 million by a rights issue.

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