Medgulf, banned from commercial activity
The Saudi Arabian Monetary Authority, (SAMA), has ordered a temporary ban on the activity of Mediterranean and Gulf Insurance and Reinsurance (Medgulf). The company is, therefore, no longer entitled to deliver or renew insurance policies, a sanction that comes in response to inobservance of the legislation in force.
In October 2017, the supervisory authority had already asked the company to comply with solvency requirements as imposed by the regulation prior to December 31 of the past year.
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