Article 9 of the Saudi Insurance Authority Statute
المادة 9 من تنظيم هيئة التأمين
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.
Official text (Arabic)
This article has not been amended since the law was issued.
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 المجلس من هبات وتبرعات ومنح ووصايا وريع أوقاف.
د- الغرامات المالية التي تفرضها الهيئة على المخالفين لأحكام الأنظمة ذات الصلة بقطاع التأمين.
هـ- أي مورد آخر يقره المجلس بما لا يخالف الأنظمة والتعليمات.
2- تفتح الهيئة حساباً لها في البنك المركزي السعودي، ولها فتح حسابات أخرى في أي من البنوك المرخص لها بالعمل في المملكة، ويصرف من هذه الحسابات وفقاً لميزانية الهيئة ولوائحها المالية.
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 9 explained in plain English
This article explains where the Insurance Authority gets its funds and how they are managed.
First: Resources:
- The fee it collects for the services and work it provides.
- The returns on investing its available financial resources.
- Gifts, donations, grants, bequests and endowment income that the board accepts.
- The financial fines the Authority imposes on those who violate the provisions of the laws relating to the insurance sector.
- Any other resource the board approves, provided it does not contradict the laws and instructions.
The article refers to the fines the Authority imposes as a resource, but it does not specify the violations or the amounts of the fines; these are set by the laws relating to the insurance sector.
Second: Accounts:
- The Authority opens an account in the Saudi Central Bank.
- It may open other accounts in any of the banks licensed to operate in the Kingdom.
- Spending from these accounts is in accordance with the Authority's budget and financial regulations.
This article connects to Article 10, which gives the Authority an independent annual budget from its financial resources, with any surplus transferred to the Ministry of Finance after deducting expenses, while the Authority keeps a general reserve of no less than twice its total expenses shown in its previous annual budgets. It also connects to Article 8, which makes proposing the fee for the Authority's services a power of the chief executive officer, who submits it to the board.
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 9 of the Saudi Insurance Authority Statute
What are the Insurance Authority's resources?
The fee for its services, investment returns, gifts, donations, grants, bequests and endowment income that the board accepts, fines on violators, and any other resource the board approves.
Where do the fines for insurance violations go?
The financial fines the Authority imposes on those who violate the laws of the insurance sector are among the Authority's resources.
Where are the Insurance Authority's funds deposited?
In an account in the Saudi Central Bank, and it may open accounts in banks licensed to operate in the Kingdom.
More articles on Insurance Authority Resources and Budget
- 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 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.