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Mon 29 Jan 2018 05:17 PM

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Saudi Arabia bans MedGulf from issuing new insurance contracts

Central bank says Mediterranean and Gulf Cooperative Insurance and Reinsurance Co must increase its capital

Saudi Arabia bans MedGulf from issuing new insurance contracts

Saudi Arabia's central bank on Monday barred Mediterranean and Gulf Cooperative Insurance and Reinsurance Co (MedGulf) from issuing new insurance contracts until it increases its capital.

The move comes as Saudi Arabia Monetary Authority (SAMA) continues to tighten compliance in the insurance sector.

It has suspended several insurance companies from issuing new policies in the past few months.

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