UCA seeks to preserve rights of shareholders, policyholders, and creditors
United Cooperative Assurance Co. (UCA)received, on April 14, a no-objection from the Insurance Authority (IA) to dispose of the SAR 60-million statutory deposit held in favor of the Authority. 
In a statement to Tadawul, the company said this will be completed in way that helps preserve the rights of shareholders, policyholders, and creditors, while supporting efforts to maintain the continuity of its operations.
The company added that it will act in accordance with the Cooperative Insurance Companies Control Law and its executive regulations to reconstitute the statutory deposit in line with regulatory requirements.
According to data available with Argaam, IA suspended UCA in February from issuing or renewing insurance policies for all motor insurance products.
This was due to its failure to exercise sufficient diligence in correcting its situation, which negatively affected the services provided to policyholders and beneficiaries.
In March, UCA also announced its inability to publish its annual financial results for the period ended Dec. 31, 2025, within the specified deadline.
The company’s accumulated losses reached SAR 367.65 million, representing 92% of its capital, by the end of Q3 2025.
UCA seeks to preserve rights of shareholders, policyholders, and creditors
United Cooperative Assurance Co. (UCA)received, on April 14, a no-objection from the Insurance Authority (IA) to dispose of the SAR 60-million statutory deposit held in favor of the Authority.
In a statement to Tadawul, the company said this will be completed in way that helps preserve the rights of shareholders, policyholders, and creditors, while supporting efforts to maintain the continuity of its operations.
The company added that it will act in accordance with the Cooperative Insurance Companies Control Law and its executive regulations to reconstitute the statutory deposit in line with regulatory requirements.
According to data available with Argaam, IA suspended UCA in February from issuing or renewing insurance policies for all motor insurance products.
This was due to its failure to exercise sufficient diligence in correcting its situation, which negatively affected the services provided to policyholders and beneficiaries.
In March, UCA also announced its inability to publish its annual financial results for the period ended Dec. 31, 2025, within the specified deadline.
The company’s accumulated losses reached SAR 367.65 million, representing 92% of its capital, by the end of Q3 2025.
