The Capital Market Authority (CMA) has placed a trading halt on shares of Solidarity Saudi Takaful Co. from 11:00 am to 1:00 pm local time today upon the company’s request, the regulator said in a statement to the Saudi bourse (Tadawul).

 

The Saudi insurer said it will announce a material development.

 

Solidarity has been suspended by Saudi Arabia’s Council of Cooperative Health Insurance (CCHI) from issuing health insurance policies from March 20.

 

The suspension came due to violations of the executive regulations and insurance law, CCHI’s chairman, Tawfiq bin Fawzan Al-Rabiah, said in a statement on Monday.

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