Saudi Indian Company for Cooperative Insurance (Wafa Insurance) has received a final warning 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.

 

SAMA has directed the company to take corrective measures, including appointing a financial advisor to set up a corrective plan.

 

If the deadline is not met, the Saudi central bank will ban Wafa Insurance from issuing or renewing insurance policies.

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