Article 23 of the Saudi Insurance Control Law
المادة 23 من نظام مراقبة شركات التأمين التعاوني
The article provides that the Implementing Regulations are issued by decision of the Minister of Finance, published within 60 days of the law's publication, and take effect when the law does.
Official text (Arabic)
This article has not been amended since the law was issued.
تصدر اللائحة التنفيذية لهذا النظام بقرار من وزير المالية ، ويتم نشرها خلال ستين يومًا من تاريخ نشر هذا النظام ، ويبدأ العمل بها بتاريخ العمل بهذا 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 23 explained in plain English
This article regulates issuance of the law's Implementing Regulations and sets three things:
- Instrument of issuance: a decision of the Minister of Finance.
- Publication period: they are published within 60 days of the date the law is published.
- Start of effect: they take effect on the date the law itself takes effect, neither before nor after it.
The aim is for the regulations to be ready and published before the law begins to be applied, and for the two to begin applying together.
The Minister of Finance has another role in the law, mentioned in Article 22, where he sets the remuneration of members of the committees provided for in the law. That article also provides that the Council of Ministers issues the rules and procedures for the committees' work and for bringing claims before them; these rules are separate from the Implementing Regulations dealt with in this article.
It is followed by Article 24, which provides that the Companies Law applies to everything not covered by a special provision in this law, to the extent consistent with the nature of insurance companies.
The article does not state the content of the regulations, so their details should be sought in their published text.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
How we write and review contentBanking, Finance & Securities lawyers: ask a specialist about your case
Describe your situation briefly and we'll suggest a lawyer who specialises in this law
Banking, Finance & Securities lawyers
Lawyers who handle this kind of case
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Dr. Saleh Altayyar & Partners Law Firm
Frequently asked questions about Article 23 of the Saudi Insurance Control Law
Who issues the Implementing Regulations of the Cooperative Insurance Companies Control Law?
They are issued by decision of the Minister of Finance.
When do the insurance law's Implementing Regulations take effect?
They take effect on the date the law takes effect, and are published within 60 days of the date the law is published.
More articles on Cooperative Insurance and the Scope of the Law
- Article 1
The article limits insurance in the Kingdom to insurance companies registered there that operate on a cooperative insurance basis in a manner that does not conflict with the provisions of Islamic Sharia.
يكون التأمين في المملكة العربية السعودية عن طريق شركات تأمين مسجلة فيها ، تعمل بأسلوب التأمين التعاوني على غرار الأحكام الواردة في النظام الأساسي للشركة الوطنية
- Article 4
The article makes the Implementing Regulations determine the insurance operations subject to the Law, and makes each insurance company specify the types of insurance it will carry on.
تحدد اللائحة التنفيذية عمليات التأمين الخاضعة لهذا النظام ، وتحدد كل شركة من شركات التأمين أنواع التأمين التي سوف تمارسها .
- Article 24
The article provides that the Companies Law applies to everything not covered by a special provision in the Cooperative Insurance Companies Control Law, to the extent consistent with insurance companies' nature and subject to Article 1.
مع مراعاة ما ورد في المادة ( الأولى ) من هذا النظام يسري نظام الشركات على كل ما لم يرد في شأنه نص خاص في هذا النظام ، وذلك بالقدر الذي يتفق وطبيعة هذا النوع من
- Article 25
The article provides that the Cooperative Insurance Companies Control Law is published in the Official Gazette and takes effect 90 days after its publication date.
ينشر هذا النظام في الجريدة الرسمية ويعمل به بعد مضي تسعين يومًا من تاريخ نشره .
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.