Saudi Arabian Monetary Agency (SAMA) has denied Gulf Union Co-Operative Insurance Co's request to increase its capital as the insurer failed to meet some requirements.
Gulf Union also needs to provide a five-year plan including all of SAMA’s notes, solvency margin, and its financial statement for the period ending March 31, 2015; which should reflect the agreement with its strategic partner on the overdue indebted accounts.
The company said it will work to meet SAMA’s requirements in the nearest possible time.
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