Article 12 of the Saudi Insurance Control Law

This article establishes the duty of confidentiality in applying the Law. Its elements are:

• Who it addresses: "any person", so the text is general and not limited to the staff of the supervisory body.
• The source of the information: information the person obtains during or on the occasion of carrying out any work related to applying the provisions of the Law.
• What is prohibited: two things: disclosing it, meaning revealing the information to another, and benefiting from it in any way, even if he does not reveal it.

The provision covers, for example, a person who obtains information about the company during inspection, audit or the submission of data, and prevents using it for personal benefit even without publishing it.

This article comes after Article 11, which allows the supervisory body to ask insurance companies at any time for broad data, including the revenues and expenses of each branch and a statement of investments. The large amount of information collected under that article is protected by this one. It is followed by Article 13, which requires companies to submit their zakat or tax returns to the Zakat and Income Authority.

The article does not state a penalty for violating it in its text, and does not set out exceptions to the prohibition. Anyone facing a matter relating to disclosing information should consult a lawyer who specializes in insurance and financial sector matters.