January 29, 2018 / 1:08 PM / 3 months ago

Saudi central bank bans MedGulf from issuing new insurance contracts

DUBAI, Jan 29 (Reuters) - 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. (Reporting by Aziz El Yaakoubi, writing by Alexander Cornwell; Editing by Saeed Azhar)

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