Minimum capital law would drive industry consolidation

A survey by U.S.-based ratings agency Moody's Corp. found that one-third of Saudi Arabian insurers expect new regulations that increase minimum capital requirements by 400% to drive consolidation among small players, Middle East Insurance Review reported. Under a new legislation, Saudi Arabia's financial regulator is considering increasing insurers' minimum capital level to 500 million Saudi Arabian riyals ($133 million) from the current SAR 100 million.

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