Saudi Arabia to license 22 insurance companies
Saudi Arabia’s Council of Ministers is set to license 22 insurance companies within a few weeks after the Saudi Arabian Monetary Agency (SAMA) had already finished studies on these companies. Muhammad Al-Jasser, deputy governor of SAMA, told an insurance conference earlier this week that the ministry had transferred the files of companies to the Cabinet for approval.
According to him, the joint stock firms would float 30% of their shares for public
subscription. He added his organization would not reduce the minimum capital requirement of SAR100 mn on insurance firms.