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Saudi Central BankSaudi Central BankNewsSAMA DECIDES ON CAPITAL INCREASE REQUEST SUBMITTED BY MALATH INSURANCE & RE-INSURANCE COMPANY
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SAMA DECIDES ON CAPITAL INCREASE REQUEST SUBMITTED BY MALATH INSURANCE & RE-INSURANCE COMPANY
11/29/2016 12:00 AM

SAMA would like to announce that it has received a capital increase request from Malath Insurance & Re-insurance Company. It set a list of requirements that shall be met by the company in order to approve its capital increase request. The requirements included providing a detailed and comprehensive business plan for the next five years. Afterwards, SAMA has reviewed and analyzed the business plan, submitted by the company. Upon completing the review of the business plan by the assigned work team, SAMA invited the company's officials for hearing and discussion of its results and remarks on the business plan. Based on this review, SAMA would like to announce for all concerned parties that it has rejected the Malath Insurance & Re-insurance Company's request due to its failure to satisfy the necessary basic requirements. However, the company may apply for capital increase after fulfilling such requirements that were set by SAMA.

SAMA would like to assert that the procedure taken in this regard is to protect policyholders and shareholders of this company.

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