MedGulf banned from issuing new policies before capital increase

29/01/2018 Argaam

 

Saudi Arabian Monetary Authority (SAMA) has banned the Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) from issuing new insurance policies or renewing outstanding ones, as of January 30.

 

The regulator requested the company to increase capital to meet solvency requirements before being permitted to resume business.

 

The regulator considered the company incapable of complying with applicable solvency percentage as of Dec. 31, 2017.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.