Article 11 of the Saudi Insurance Authority Statute
المادة 11 من تنظيم هيئة التأمين
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.
Official text (Arabic)
This article has not been amended since the law was issued.
ترفع الهيئة إلى رئيس مجلس الوزراء حسابها الختامي السنوي خلال (تسعين) يومًا من تاريخ انتهاء السنة المالية، ويُزود الديوان العام للمحاسبة بنسخة منه.
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 11 explained in plain English
This article regulates the Insurance Authority's final account, the statement showing the revenues and expenses actually realized during the fiscal year.
What is required?
- The Authority submits its annual final account to the Prime Minister.
- It must be submitted within 90 days of the date the fiscal year ends.
- The General Auditing Bureau is provided with a copy.
Giving the General Auditing Bureau a copy of the final account allows it to review the results of the Authority's fiscal year within its jurisdiction.
This article connects to Article 10, which gives the Authority an independent annual budget, provides for transferring the surplus to the Ministry of Finance and keeping a general reserve, and makes the Authority's fiscal year the state's fiscal year; the 90-day period is counted from the end of that year.
It also connects to Article 12, which regulates the board's appointment of an external auditor to audit the Authority's accounts and final account, without prejudice to the jurisdiction of the General Auditing Bureau.
The article is procedural and concerns the Authority's financial accountability; it does not create direct rights for those who deal with it.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
How we write and review contentAdministrative Law lawyers: ask a specialist about your case
Describe your situation briefly and we'll suggest a lawyer who specialises in this law
Administrative Law (Board of Grievances) lawyers
Lawyers who handle this kind of case
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Al-Safwa Law Office and Legal Consultancy
Frequently asked questions about Article 11 of the Saudi Insurance Authority Statute
When does the Insurance Authority submit its final account?
Within ninety days of the date the fiscal year ends.
Who receives the Insurance Authority's final account?
It is submitted to the Prime Minister, and the General Auditing Bureau is provided with a copy.
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 10
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.
1- تكون للهيئة ميزانية سنوية مستقلة من مواردها المالية، تقدم إلى وزارة المالية وتعتمد وفقاً للإجراءات النظامية المتبعة، ويحوَّل الفائض من مواردها المالية إلى وز
- 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.