| Element List | Explanation |
|---|---|
| Announcement Detail | The United Cooperative Assurance Company announces that it had received on Tuesday, 26 Shawwal 1447 H (corresponding to 14 April 2026), a “No Objection Letter” from the Insurance Authority to utilize the statutory deposit held in favor of the Authority, amounting to SAR 60,000,000 (sixty million Saudi Riyals). This action will contribute to preserving the rights of shareholders, policyholders, and creditors, and to enhance the Company’s efforts to maintain the continuity of its operations. The company will proceed, in accordance with the provisions of the Cooperative Insurance Companies Control Law and its Implementing Regulations, to reconstitute the statutory deposit as required by the regulations. |
The United Cooperative Assurance Company announces receiving a “No Objection” from the Insurance Authority to utilize the statutory deposit
AI Summary
- United Cooperative Assurance Company received a 'No Objection Letter' from the Insurance Authority on April 14, 2026, to utilize its SAR 60,000,000 statutory deposit.
- The utilization of the deposit aims to support business continuity and protect the rights of shareholders, policyholders, and creditors.
- The company is required to reconstitute the statutory deposit in accordance with the Cooperative Insurance Companies Control Law and its Implementing Regulations.
