Article 6 of the Saudi Insurance Control Law

This article regulates who manages insurance companies, and requires the approval of the Saudi Central Bank for nominating the following categories:

• Members of the boards of directors of insurance companies, reinsurance companies and companies providing ancillary insurance services.
• Members of audit committees and the committees emanating from these boards.
• The managers of those companies.
• Holders of the senior positions that the Central Bank specifies.

The Central Bank also sets the controls for their appointment. The article does not state the conditions for candidates itself, but leaves setting them to the Central Bank.

The article also covers companies providing ancillary services, not insurance companies alone. The provision concerns "nomination", meaning the approval comes before the appointment.

This article is linked to Article 7, which makes the chairman of the board, the managing director, the board member and the general manager responsible, each within his competence, for the company's violation of the provisions of the Law or its Regulations; approval of the nomination therefore comes with later responsibility. Amendment: this text is the version amended by Royal Decree No. M/12 dated 23/1/1443 AH. Anyone nominated to a position in an insurance company should consult a lawyer who specializes in insurance and financial sector matters.