SAMA lifts ban on MedGulf issuing new policies

16/04/2018 Argaam

 

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance market regulator, will allow Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) to issue and renew insurance policies starting Monday, April 16.

 

The move came after the insurer took necessary measures to comply with regulatory requirements, MedGulf said in a statement to Tadawul.

 

SAMA banned MedGulf in January from issuing new insurance policies or renewing outstanding ones, and directed the company to increase capital to meet solvency requirements.

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