Saudi's SAMA approves change in United Cooperative’s practice permit

The new practice permit will be limited to the practice of insurance activity only, based on the company’s request

  
Skyscrapers in Riyadh, Saudi Arabia. Image used for illustrative purpose

Skyscrapers in Riyadh, Saudi Arabia. Image used for illustrative purpose

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Riyadh –  The Saudi Central Bank (SAMA) gave the green light for United Cooperative Assurance Company to amend its activity practice permit of insurance and reinsurance cooperative.

The new practice permit will be limited to the practice of insurance activity only, based on the company’s request, according to a bourse filing on Monday.

The change will not have any negative impact on United Cooperative, as reinsurance operations over the past years did not have any material impact on the volume of the company’s business.

The insurance firm noted that this procedure may lead to increasing the company’s solvency margin, which could lead to achieving better investment returns in the future.

Source: Mubasher

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