Saudi central bank files legal claim against Weqaya

19/05/2016 Argaam

The Saudi Arabian Monetary Agency (SAMA), the kingdom's insurance regulator, has filed a legal claim against Weqaya Takaful Insurance and Reinsurance Co. to the sector’s disputes committee.

 

SAMA asked the committee to take necessary regulatory actions against the company, due to violating insurance laws.

 

In April, SAMA said it will file a legal claim against Weqaya and other insurers violating laws and procedures.

 

On Tuesday, SAMA rejected Weqaya’s request to increase its capital through a SAR 150 million rights issue, as it failed to fulfill SAMA’s requirements.

 

Weqaya shares are currently suspended. The company’s accumulated losses stand at 149 percent of its capital.

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