KSA - Salama raises solvency margin by 31% above requirements
Friday, 09 25 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Salama Cooperative Insurance Co. said that its actual solvency margin, as of June 30, 2020, exceeded the required margin, as mentioned by the Cooperative Insurance Companies Control Law, by 31%.
The insurer said in a bourse statement that it will continue to implement its plan to raise the required solvency margin, indicating that it will announce any developments in this regard in due course.
In November 2019, Salama received a letter from the Saudi Arabian Monetary Authority (SAMA), informing the decline of actual solvency margins below the required level and directing to set out a corrective plan and liquidate some assets to meet the solvency margin requirements, according to data compiled by Argaam.