Article 2 of the Saudi Insurance Authority Statute
المادة 2 من تنظيم هيئة التأمين
The 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.
Official text (Arabic)
This article has not been amended since the law was issued.
تتمتع الهيئة بالشخصية الاعتبارية العامة والاستقلال المالي والإداري، وترتبط تنظيميًّا برئيس مجلس الوزراء، ويكون مقرها الرئيس في مدينة الرياض، ولها إنشاء فروع لها داخل المملكة.
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 2 explained in plain English
This article sets out the legal status of the Insurance Authority:
- Public legal personality: The Authority is a public body with an independent legal entity.
- Financial and administrative independence: It manages its financial and administrative affairs independently.
- Organizational link: It is organizationally linked to the Prime Minister.
- Head office: Its head office is in the city of Riyadh.
- Branches: It may establish branches inside the Kingdom.
Describing the legal personality as "public" means the Authority is a person of public law that exercises regulatory and supervisory powers, and is not a private body. Financial and administrative independence enables it to manage its resources and affairs within the limits of its statute.
This article connects to Article 3, which sets the Authority's objectives, including regulating, supervising and overseeing the insurance sector in the Kingdom, raising insurance awareness, protecting the rights of the insured and beneficiaries, and the stability of the sector and contributing to financial stability.
The article does not specify the number or locations of the branches; it gives the Authority the power to establish them inside the Kingdom.
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 2 of the Saudi Insurance Authority Statute
Is the Insurance Authority a government body?
It has public legal personality and financial and administrative independence, and it is organizationally linked to the Prime Minister.
Where is the Insurance Authority headquartered?
Its head office is in the city of Riyadh, and it may establish branches inside the Kingdom.
Who is the Insurance Authority linked to?
It is organizationally linked to the Prime Minister.
More articles on Legal Personality of the Insurance Authority
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.