Riyadh – Mubasher: Malath Cooperative Insurance and Reinsurance said that it started to resolve its issues as per SAMA’s request.
On Monday, Malath received a letter from the Saudi Arabian Monetary Agency (SAMA) directing it to resolve its issues in a period not to exceed 5 March, according to a bourse filing on Tuesday.
In case the insurer failed to resolve its situation, SAMA will take the regulatory procedures stated in the monitoring system of the cooperative insurance firms.
SAMA decision came approaching the end of the set period for the firms of the accumulated losses, which is to end by 22 April.
Malath’s accumulated losses exceeded the half of its capital by the end of 2016 and in January it submitted a capital decrease file to the Capital Market Authority (CMA).
