SAMA warns MedGulf Insurance on financials

03/08/2017 Argaam

The Mediterranean Gulf Insurance and Reinsurance Co. (MedGulf) said it received a letter from Saudi Arabian Monetary Authority (SAMA) on Wednesday warning of legal procedures against the insurer if it did not rectify irregularities in its accounting or if it delayed disclosing financial statements.

 

SAMA said legal procedures could include preventing or limiting the company from accepting new subscribers or investors, the insurer said in a bourse statement.

 

MedGulf added that it will correct the irregularities mentioned.

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