In force
Saudi Insurance Authority Statute
تنظيم هيئة التأمين
The statute organizing the Insurance Authority. The text is set out in 15 articles.
- Articles
- 15
- In force
- 15
- Amended
- 0
- Issued
- 28/1/1445 AH
Issued by: قرار مجلس الوزراء رقم (85) وتاريخ 1445/1/28هـ
Each article shows the official Arabic text, which is the only legally binding version, followed by our plain-English explanation.
Browse Insurance Authority Statute by topic
Articles of the Saudi Insurance Authority Statute
- Article 1This article defines the terms used in the Statute of the Insurance Authority: the Authority, the Board, the Chairman, the Chief Executive Officer and the Statute.
- Article 2The article gives the Insurance Authority public legal personality and financial and administrative independence, links it organizationally to the Prime Minister, sets its head office in Riyadh and lets it open branches inside the Kingdom.
- Article 3The article sets the Insurance Authority's objectives: regulating and supervising the insurance sector, raising insurance awareness, protecting the rights of the insured and beneficiaries, and the stability and development of the sector.
- Article 4The article makes the Authority the body responsible for regulating, supervising and overseeing insurance business, and lists its powers, including the national strategy, licensing, data, training and international representation.
- Article 5The article provides for a board of directors for the Authority: a chairman appointed by royal order and five members appointed by order of the Prime Minister on nomination by the Council of Economic and Development Affairs, for three years renewable twice.
- Article 6The article makes the board the supreme authority of the Authority and lists its powers, including approving the strategy, regulations and budget, appointing those who carry out inspection, supervision and enforcement, and setting the fee for services.
- Article 7The article regulates the board's meetings: at least 4 times a year, written invitation, quorum, remote meetings and voting, circulation decisions, and the bans on abstaining from voting and disclosing secrets.
- Article 8The article provides for a chief executive officer appointed by the board, which sets his pay and benefits, makes him responsible for managing the Authority's affairs, and lists his powers, including representing it before the courts, signing contracts and appointing staff.
- Article 9The article sets the Authority's resources: fees for its services, investment returns, gifts and donations the board accepts, and fines on violators, and regulates its accounts at the central bank and banks.
- Article 10The article gives the Authority an independent annual budget approved under the legal procedures, with any surplus transferred to the Ministry of Finance after expenses, a general reserve of at least twice its expenses, and the state's fiscal year as its fiscal year.
- Article 11The article requires the Authority to submit its annual final account to the Prime Minister within 90 days of the end of the fiscal year, and to give the General Auditing Bureau a copy.
- Article 12The article requires the board to appoint one or more licensed external auditors to audit the Authority's accounts, without prejudice to the jurisdiction of the General Auditing Bureau, which receives a copy of the report once it is approved.
- Article 13The article requires the Authority to submit an annual report to the Prime Minister within 90 days of the start of each fiscal year, covering its achievements, difficulties and proposals.
- Article 14The article subjects the Insurance Authority's staff to the Labor Law and the Social Insurance Law.
- Article 15The article provides for publishing the Insurance Authority Statute in the Official Gazette and its taking effect 90 days after the date of publication.