SAMA warns MEDGULF to meet solvency requirements

03/10/2017 Argaam

 

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and the insurance market regulator, has told The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) to meet a number of solvency requirements by Dec. 31, 2017.

 

The Saudi insurer should submit relevant financial reports for Q4 2017 by January 18, 2018.

 

If no action is taken before the deadline, SAMA will ban MEDGULF from issuing or renewing insurance policies, the insurer said in a statement to Tadawul, citing a letter it received from SAMA yesterday.

 

MEDGULF board of directors has appointed a local investment bank to formulate solutions required for improving the insurer’s financial position and solvency.

 

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