SAMA bans Sanad Insurance from taking new business

04/09/2014 Argaam

Saudi Arabian Monetary Agency (SAMA) issued a decision today banning Sanad Cooperative Insurance and Reinsurance Company from issuing or renewing policies as of September 7, till its financial position is rectified.

SAMA said the company failed to submit a practical plan on how to restructure its business and enhance its capital adequacy position given the worsening financial and administrative situation in the company.

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