Saudi Enaya gets SAMA nod to hire adviser for solvency issues

12/07/2018 Argaam

Saudi Enaya Cooperative Insurance Co. (Saudi Enaya) received a letter from Saudi Arabian Monetary Authority (SAMA) approving the appointment of a financial adviser to set up a corrective plan to meet solvency requirements.

 

Saudi Enaya said the relevant updates will be duly revealed on Tadawul, the insurer said in a bourse filing.

 

Earlier this month, SAMA asked the firm to appoint a financial adviser to set up a corrective plan to meet solvency requirements as soon as possible.

 

On May 27, SAMA banned the company from issuing new insurance policies or renewing outstanding ones for not meeting solvency requirements, after its accumulated losses reached SAR 149 million, or 74.5 percent of capital by the end of Q1 2018.

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