Article 43 of the Saudi Accredited Valuers Law

This article is one of coordination between two laws.

The rule: in applying the provisions of the Accredited Valuers Law, what is stated in Article 18 of the Cooperative Insurance Companies Control Law is to be taken into account.

What does “is to be taken into account” mean? That the provisions of the Accredited Valuers Law are not applied in isolation from that article, but it must be taken into consideration in application.

An important note: the text of Article 18 of the Cooperative Insurance Companies Control Law is not included here, so its content or the cases it affects cannot be known from this text alone. Anyone who needs this must refer to the text of that article in its own law.

General significance: the article shows there is a link between valuation work and the cooperative insurance sector that calls for coordination, and that the legislator wanted the application of one law not to conflict with the other.

Relationship to other articles:

• Article 42 exempts government employees who carry out valuation in government committees from the provisions of the law, provided they pass the tests the Authority sets.
• Article 44 provides that the Authority's board of directors prepares the Implementing Regulations of the law, they are issued by decision of the Minister, and they take effect when the law takes effect.

Anyone who works in insurance-related valuation, or in an insurance company that needs valuation services, should consult a lawyer who specializes in banking, finance and securities or in commercial cases to learn the effect of this coordination on their work.