Saudi Arabian Monetary Agency (SAMA), the central bank and insurance market regulator, rejected a request by Malath Cooperative Insurance & Reinsurance Co. to increase its capital because the insurer didn’t meet regulatory requirements.

 

Malath can reapply for a capital increase after fulfilling the requirements, SAMA said, adding that its decision is for the best interests of investors and insurance policy holders.

 

The requirements include providing a detailed five-year plan, but the plan submitted by Malath failed to answer SAMA’s concerns.

 

In September, Malath’s board decided to increase capital by SAR 260 million through a rights issue to boost its solvency margin and support future activities.

 

In May, Malath obtained approval from SAMA to appoint PwC as an advisor ahead of its planned capital hike.

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