Wafa Insurance hires advisor for solvency margin requirements

04/06/2018 Argaam

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said in a bourse statement on Monday that its board of directors approved appointing an advisor to comply with the required solvency margin.

 

Last month, Wafa received a letter from the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance market regulator, regarding compliance with the required solvency margin by the Sep. 30, 2018 deadline, Argaam reported.

 

SAMA banned Wafa from issuing or renewing insurance policies as of May 24.

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