Article 17 of the Saudi Insurance Control Law

This article regulates books and records in insurance and reinsurance companies subject to the law. It includes:

1. A separate account for each branch of insurance, as the Implementing Regulations specify.
2. Policy records and books in which the insurance policies the company issues are entered, showing:
   • the names and addresses of policyholders;
   • the date each policy was concluded and took effect;
   • the prices and terms it contains.
3. Recording changes: every change or amendment to the policies is entered in the records.
4. Additional data: the Saudi Arabian Monetary Agency, as the text names it, may issue decisions requiring companies to record any data it considers necessary to exercise its supervisory and oversight powers.
5. Computers: the data of the books and records may be kept on a computer, in accordance with the rules and procedures in the Implementing Regulations of the Commercial Books Law.

The practical value for a policyholder is that the details of their policy, its terms and any amendment must be recorded with the company. This article is connected to Article 16, which requires building the reserves needed for each branch, and to Article 18, which makes employees of the Saudi Central Bank, named by the Governor, responsible for inspection, supervision and enforcement. Anyone who needs to assess a company's obligations here should consult a lawyer specialized in insurance and financial-sector matters.