Regulates cooperative insurance companies, oversight, and protection of policyholders' rights.
Insurance activities in the Kingdom are conducted on a cooperative basis per this Law's provisions.
Policyholders may resort to the insurance arbitration body to resolve disputes with the insurer.
Insurance activities may only be conducted with a license from the Saudi Central Bank.
The insurer must pay due compensation to the policyholder within 15 days of completing claim documents.
Insurance contracts must be in writing and include essential contract details and the sum insured.
Insurers are prohibited from refusing insurance on unlawfully discriminatory grounds.
Technical reserves that companies must maintain are determined by the implementing regulations.
Policyholders may cancel a contract before expiry and reclaim the premium for the remaining period.
Independent audit firms are appointed by the Central Bank to verify financial solvency.
Violations are penalized by license suspension or revocation in addition to financial fines.