Wafa Insurance submits amended financial restructuring plan

Saudi Indian Cooperative Insurance Co. (Wafa Insurance) submitted the amended proposal of the financial restructuring plan to the relevant court within the given timeframe, the company said in a bourse statement.

The insurer said that the proposal includes the required details and procedures to perform the financial restructuring plan.

It is currently difficult to estimate the related financial impact, the statement added.

In February 2019, a Saudi court overturned a previous decision rejecting Wafa Insurance’s request to undertake a financial restructuring.

In July, the company submitted a plan to the relevant court, while the latter required more details about the procedures and steps to be taken by the company and granted the insurer 150 days to submit the amended plan.