Cooperative Insurance Companies Control Law

Release Date:	1424-06-02
Release Tool:	Royal Decree
Issuance Instrument Number:	m/32
Validity:	Valid
Date of last amendment:	1443-01-23
Summary:	By AI The Saudi Council of Ministers approved the Law on the Supervision of Cooperative Insurance Companies by Decision No. (125) dated 14/5/1424 AH, which regulates the operations of insurance and reinsurance companies in the Kingdom. The law requires a royal license to establish companies and sets the minimum paid-up capital (100 million riyals for insurance companies and 200 million riyals for reinsurance companies). The Saudi Arabian Monetary Authority is responsible for implementing the law, incl...

Release Date:

1424-06-02

Release Tool:

Royal Decree

Issuance Instrument Number:

m/32

Validity:

Valid

Date of last amendment:

1443-01-23

Summary:

By AI

The Saudi Council of Ministers approved the Law on the Supervision of Cooperative Insurance Companies by Decision No. (125) dated 14/5/1424 AH, which regulates the operations of insurance and reinsurance companies in the Kingdom. The law requires a royal license to establish companies and sets the minimum paid-up capital (100 million riyals for insurance companies and 200 million riyals for reinsurance companies). The Saudi Arabian Monetary Authority is responsible for implementing the law, incl...