Weqaya submits five-year action plan to SAMA

Weqaya Takaful Insurance and Reinsurance Co. said in a bourse statement Thursday that it submitted a detailed five-year action plan starting 2017 to the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance market regulator.

In April, the insurer received a letter from SAMA requesting a detailed action plan, before deciding on its request to increase capital.

Weqaya submitted a request to SAMA to increase capital by SAR 600 million to SAR 800 million through a rights issue, to offset the accumulated losses.