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SAMA orders ACIG to raise statutory deposit

SAMA orders ACIG to raise statutory deposit
The company’s accumulated losses reached SAR 59.59 million
ACIG
8150
55.46% 18.50 6.60

Riyadh - Mubasher: Allied Cooperative Insurance Group (ACIG) announced that it has received a letter from the Saudi Arabian Monetary Authority (SAMA) obligating the company to increase the statutory deposit ratio to 15% of capital.

This was attributed to the decline of the company’s solvency ratio, below the required level, by the end of the third quarter (Q3) of 2019.

It is worth noting that the company’s accumulated losses amounted to SAR 59.59 million, representing 29.8% of its SAR 200-million capital.