Article 11 of the Saudi Insurance Control Law

This article gives the supervisory body, which the text calls the Saudi Arabian Monetary Agency, the right to obtain information from insurance and reinsurance companies, in two ways:

• A general request: it may ask at any time for any data it considers necessary to achieve the purposes of the Law, at the time and in the form it specifies.
• Specific data: the company must send it, on its request:
  1. A statement of the revenues and expenses of each branch of insurance.
  2. A detailed statement of the insurance business it carried out during the period.
  3. Statistical data and general information about its activities.
  4. A statement of its investments.
  5. Any other data it requests.

Note that it is the supervisory body that sets the time and form, so the company cannot choose the date or format of submission. Paragraph 5 also makes the list open.

This article complements Article 10, which requires the company to appoint two audit firms each year and to publish the financial statements within 3 months of the end of the financial year. It is followed by Article 12, which prohibits anyone who obtains information during or on the occasion of his work in applying the Law from disclosing it or benefiting from it; the information submitted is therefore protected. Anyone who needs to assess their company's disclosure obligations should consult a lawyer who specializes in insurance and financial sector matters.