Article 1 of the Saudi Insurance Authority Statute

This is the definitions article of the Statute of the Insurance Authority, and it sets the meanings of the terms wherever they appear in it:

• The Authority: the Insurance Authority.
• The Board: the Authority's board of directors.
• The Chairman: the chairman of the Board.
• The Chief Executive Officer: the Authority's Chief Executive Officer.
• The Statute: the Authority's Statute.

An important note for the reader: the Statute distinguishes between "the Chairman" and "the Chief Executive Officer"; the Chairman is the chairman of the board of directors, while the Chief Executive Officer is the Authority's chief executive. So if you read in an article that a power belongs to "the Chairman", the chairman of the Board is meant, not the Chief Executive Officer.

Likewise, the word "the Board", wherever it appears, means the board of directors of the Insurance Authority, not any other board.

The Authority meant, as Article 2 explains, has public legal personality and financial and administrative independence, is organizationally linked to the Prime Minister, and has its main seat in the city of Riyadh.

These definitions belong to this Statute, which regulates the Authority as a body, and the article does not define insurance terms themselves such as the insured or the insurance policy; for those one refers to the laws relating to the insurance sector.