Article 10 of the Saudi Insurance Authority Statute
المادة 10 من تنظيم هيئة التأمين
The 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.
Official text (Arabic)
This article has not been amended since the law was issued.
1- تكون للهيئة ميزانية سنوية مستقلة من مواردها المالية، تقدم إلى وزارة المالية وتعتمد وفقاً للإجراءات النظامية المتبعة، ويحوَّل الفائض من مواردها المالية إلى وزارة المالية، بعد اقتطاع جميع النفقات الجارية والرأسمالية وغيرها من المصروفات التي تحتاج إليها الهيئة. وتحتفظ الهيئة باحتياطي عام لا يقل عن ضعف إجمالي نفقاتها المبينة في ميزانياتها السنوية السابقة، وفقاً لما يحدده المجلس في بداية السنة المالية.
2- السنة المالية للهيئة هي السنة المالية للدولة.
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 10 explained in plain English
This article regulates the Insurance Authority's budget and what is done with its surplus.
1. The budget:
- The Authority has an independent annual budget drawn from its financial resources.
- It is submitted to the Ministry of Finance and approved in accordance with the legal procedures followed.
2. The surplus: The surplus from the Authority's resources is transferred to the Ministry of Finance, after deducting all current and capital expenses and other expenditures the Authority needs.
3. The general reserve: The Authority keeps a general reserve of no less than twice its total expenses shown in its previous annual budgets, as the board determines at the start of the fiscal year.
4. The fiscal year: It is the state's fiscal year.
The article balances two matters: the Authority's independence in its resources and expenses, and the return of what exceeds its needs to the public treasury. The reserve leaves it a financial margin that the board sets at the start of each fiscal year, at no less than the stated minimum.
This article connects to Article 9, which sets the Authority's resources, such as the fee for its services and fines on violators, and requires spending from its accounts to follow its budget and financial regulations. It also connects to Article 11, which requires the annual final account to be submitted to the Prime Minister within 90 days of the end of the fiscal year.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 10 of the Saudi Insurance Authority Statute
Does the Insurance Authority have an independent budget?
Yes. It has an independent annual budget from its financial resources, submitted to the Ministry of Finance and approved under the legal procedures.
Where does the Insurance Authority's surplus go?
It is transferred to the Ministry of Finance after deducting all current and capital expenses and other expenditures.
How large is the Insurance Authority's general reserve?
No less than twice its total expenses shown in its previous annual budgets, as the board determines at the start of the fiscal year.
More articles on Insurance Authority Resources and Budget
- Article 9
The 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.
1- تتكون موارد الهيئة من الآتي: أ- المقابل المالي الذي تتقاضاه نظير الخدمات والأعمال التي تقدّمها. ب- عوائد استثمارات مواردها المالية المتاحة. ج- ما يقبله المجل
- Article 11
The 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.
ترفع الهيئة إلى رئيس مجلس الوزراء حسابها الختامي السنوي خلال (تسعين) يومًا من تاريخ انتهاء السنة المالية، ويُزود الديوان العام للمحاسبة بنسخة منه.
- Article 12
The 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.
دون إخلال باختصاص الديوان العام للمحاسبة، يعين المجلس مراجع حسابات خارجيًّا (أو أكثر) من المرخص لهم بالعمل في المملكة، لتدقيق حسابات الهيئة ومعاملاتها وبياناتها
- Article 13
The 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.
ترفع الهيئة إلى رئيس مجلس الوزراء خلال (تسعين) يومًا من بداية كل سنة مالية تقريرًا سنويًا عما حققته من إنجازات خلال السنة المنقضية وما واجهها من صعوبات وما تراه
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.