Saudi Arabian Monetary Authority (SAMA) has banned the Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) from issuing new insurance policies or renewing outstanding ones, as of January 30.
The regulator requested the company to increase capital to meet solvency requirements before being permitted to resume business.
The regulator considered the company incapable of complying with applicable solvency percentage as of Dec. 31, 2017.
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