Article 5 of the Saudi Insurance Authority Statute
المادة 5 من تنظيم هيئة التأمين
The 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.
Official text (Arabic)
This article has not been amended since the law was issued.
يكون للهيئة مجلس إدارة يعين رئيسه بأمر ملكي، وبعضوية خمسة يكون من بينهم ذوو كفاية وخبرة في مجال عمل الهيئة يعينون بأمر من رئيس مجلس الوزراء بناءً على ترشيح من مجلس الشؤون الاقتصادية والتنمية، وتكون عضويتهم في المجلس لمدة ثلاث سنوات قابلة للتجديد مرتين.
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 5 explained in plain English
This article regulates the composition of the Insurance Authority's board of directors.
Chairman of the board: Appointed by royal order.
Members:
- There are five of them.
- They include persons of competence and experience in the field of the Authority's work.
- They are appointed by order of the Prime Minister, on the nomination of the Council of Economic and Development Affairs.
Term of membership: 3 years, renewable twice, so a member may remain on the board for three terms.
The phrase "they include persons of competence and experience" does not require all members to be experts in the Authority's field of work; it requires that some of them have this quality. The article does not set a term for the chairman; the term stated applies to the membership of the members.
The importance of this board appears in Article 6, which makes it the supreme authority of the Authority, responsible for supervising it, conducting its affairs and managing it, and taking all decisions necessary to achieve its purposes, including approving the national strategy for the insurance sector and the regulations and setting the fee for the Authority's services.
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 5 of the Saudi Insurance Authority Statute
How many members does the Insurance Authority board have?
A chairman appointed by royal order, and five members appointed by order of the Prime Minister.
How long is the term of membership on the Insurance Authority board?
Three years, renewable twice.
Who nominates the members of the Insurance Authority board?
The Council of Economic and Development Affairs.
More articles on Insurance Authority Board of Directors
- Article 6
The 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.
المجلس هو السلطة العليا للهيئة، ويتولى الإشراف عليها وتصريف أمورها وإدارتها، ويتخذ جميع القرارات اللازمة لتحقيق أغراضها في حدود أحكام التنظيم والأنظمة ذات الصلة
- Article 7
The 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.
1- تعقد اجتماعات المجلس في مقر الهيئة، برئاسة الرئيس أو من ينيبه من الأعضاء. ويجوز عقدها في مكان آخر داخل المملكة. 2- يعقد المجلس اجتماعاته بصفة دورية بما لا يق
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.