Gulf Union fails to meet SAMA capital raise requirements

09/04/2015 Argaam

Saudi Arabian Monetary Agency (SAMA) has denied Gulf Union Co-Operative Insurance Co​'s request to increase its capital as the ​insurer failed to meet some requirements.

 

​Gulf Union received a letter from SAMA on Wednesday ​stating that it needs to solve its issues with its strategic partner regarding overdue indebted account​, the company said in a statement to Tadawul​.
 
The insurer’s new request must include the required amount, which should meet the minimum requirements to cover the solvency margin when completing the procedures of the capital increase.
 

Gulf Union also needs to provide a five-year plan including all of SAMA’s notes, solvency margin, and its financial statement for the period ending March 31, 2015; which should reflect the agreement with ​its strategic partner on the overdue indebted accounts.

 

The company ​said it will work to meet SAMA’s requirements in the nearest possible time.

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