Riyadh – Mubasher: Salama Cooperative Insurance Company announced on Monday that it has received a letter from the Saudi Arabian Monetary Authority (SAMA) regarding the decline of its financial solvency rate below the required level.
The letter has obligated the insurance firm to liquidate some of its assets to meet the solvency requirements, raise the statutory deposit to 15% of capital and present proof within a month, improve collections, according to a company statement to the Saudi Stock Exchange (Tadawul).
SAMA also provided Salama with a plan to improve solvency.
