Article 8 of the Saudi Insurance Control Law

This article gives the supervisory body, which the text calls the Saudi Arabian Monetary Agency, a direct supervisory tool, namely inspection. Its details are:

• What is inspected: the records and accounts of any insurance or reinsurance company.
• Who inspects: the Agency's employees, or auditors appointed by the Agency.
• The place: at the premises of the insurance or reinsurance company.
• The duty of the company's employees: they must provide what is in their possession or under their control, or what is requested from them, of records, data and documents, and give the information they have relating to the company.

Note that the duty to cooperate falls on the company's employees themselves, not only on the company. The duty covers what is expressly requested and the records in their possession, and also covers giving information.

This article is linked to Article 7, which makes the company's leaders responsible, each within his competence, for its violations; inspection is the means by which such violations are detected. It is followed by Article 9, which prevents the company from opening branches, merging or acquiring an insurance or banking business except with written approval. The article does not set the times or frequency of inspection. Anyone who needs to know the limits of this duty in a particular event should consult a lawyer who specializes in insurance and financial sector matters.