Article 13 of the Saudi Insurance Control Law
المادة 13 من نظام مراقبة شركات التأمين التعاوني
The article requires insurance and reinsurance companies to file their zakat or tax returns, audited financial statements and any requested data with the Zakat and Income Authority, and to pay what is due on time.
Official text (Arabic)
This article has not been amended since the law was issued.
يجب على كل شركات التأمين وشركات إعادة التأمين أن تقدم إلى مصلحة الزكاة والدخل إقراراتها الزكوية أو الضريبية والقوائم المالية المدققة وأي بيانات أو مستندات أخرى تراها المصلحة ضرورية لأغراض الربط الزكوي أو الضريبي وفقًا لأحكام النظام الضريبي ونظام جباية فريضة الزكاة الشرعية ولوائحهما التنفيذية وسداد ما هو مستحق من واقعها في المواعيد المحددة في النظام.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 13 explained in plain English
This article links the Cooperative Insurance Companies Control Law to the zakat and tax laws. It places two obligations on every insurance and reinsurance company:
- Filing: the company must submit to the Zakat and Income Authority, as the text names it:
- its zakat or tax returns;
- its audited financial statements;
- any other data or documents the Authority considers necessary for zakat or tax assessment.
- Payment: the company must pay what is due under these returns by the deadlines set.
This is done in accordance with the provisions of the tax law and the law on collecting the obligatory zakat and their implementing regulations. The article does not itself set zakat or tax rates or deadlines; it refers to those laws for them.
The phrase "zakat or tax" means that the company files whichever applies to it under those laws. This article is connected to Article 14, which requires companies to place a statutory deposit with a local bank to the order of the Saudi Arabian Monetary Agency, and it comes after Article 12, which prohibits disclosing information obtained while applying the law. Anyone who needs to assess the zakat or tax obligations of an insurance company should consult a lawyer specialized in insurance and financial-sector matters.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 13 of the Saudi Insurance Control Law
Do insurance companies have to file zakat or tax returns?
Yes. They must file their zakat or tax returns and audited financial statements with the Zakat and Income Authority and pay what is due by the set deadlines.
Which laws govern zakat and tax for insurance companies?
The tax law and the law on collecting the obligatory zakat, together with their implementing regulations, according to the text of the article.
More articles on Accounts and Records of Insurance Companies
- Article 10
The article requires an insurance company's general assembly to appoint two audit firms each year, sets the content of their report, and requires publishing the financial statements and the report within 3 months of the end of the financial year.
1- تعين الجمعية العامة في شركة التأمين أو شركة إعادة التأمين سنويًّا اثنين من مكاتب مراقبي الحسابات من بين المحاسبين القانونيين المرخص لهم بمزاولة المهنة في الم
- Article 11
The article allows the Saudi Arabian Monetary Agency to ask insurance companies at any time for any necessary data, and requires them to send specific data on revenues, business and investments on request.
لمؤسسة النقد العربي السعودي الحق في أن تطلب في أي وقت من أي من شركات التأمين وشركات إعادة التأمين أن تقدم إليها - في الوقت وبالشكل اللذين تحددهما - أي بيانات تر
- Article 17
The article requires insurance companies to keep a separate account for each branch and records of their policies, holders' details and amendments, and lets the regulator require additional data.
يجب على كل شركات التأمين وشركات إعادة التأمين الخاضعة لأحكام هذا النظام أن تمسك حسابًا مستقلًّا لكل فرع من فروع التأمين حسب ما تحدده اللائحة التنفيذية لهذا النظ
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.