Salama Insurance receives letter from SAMA on solvency margin

Salama Cooperative Insurance Company announces that it received on 20/04/2022 AD a letter from the Saudi Central Bank (SAMA) No. 43082110 regarding the decrease in the actual solvency margin of the company below the required solvency margin according to the requirements of Article (66) of the Executive Regulations of the Insurance Companies Control Law.

The letter of the Saudi Central Bank also included that the company must comply with the requirements of Article (68) of the executive regulations of the Insurance Companies Control Law and submit a corrective plan to the Saudi Central Bank explaining the steps that the company will take to improve its financial solvency and the necessary time period, within 15 working days from the date of the aforementioned letter above.

-The company will, within the period specified in the letter, submit to the Central Bank the appropriate measures to maintain the required solvency margin, and the company will announce in the future any developments in this regard at the time.