Saudi Enaya Cooperative Insurance Co. (Saudi Enaya) received a letter from Saudi Arabian Monetary Authority (SAMA) requiring the firm to appoint a financial adviser to set up a corrective plan to meet solvency requirements as soon as possible.

 

Saudi Enaya will hire an independent financial advisor and announce any developments in due course, the Tadawul-listed insurer said in a bourse statement.

 

On May 27, SAMA banned the company from issuing new insurance policies or renewing outstanding ones for not meeting solvency requirements, after its accumulated losses reached SAR 149 million, or 74.5 percent of capital by the end of Q1 2018.

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