Cooperative Insurance Companies Control Law

ة: 1. If the Saudi Central Bank finds that any insurance or reinsurance company or insurance-related service provider has followed a policy to which it may adversely affect its ability to fulfill its obligations, has violated professional standards, or has violated the provisions of this Law or its Implementing Regulation, the Saudi Central Bank may impose one or both of the two following penalties: a. Fine stipulated in Article (21) of this Law. b. Cancellation of the issued license, provided that such cancellation is supported by the committee referred to in Article (20) of this Law. 2. In addition to provisions of Sub-Paragraph (a) of Paragraph (1) of this Article, the Saudi Central Bank may take against the insurance or reinsurance company or insurance-related service provider stated in paragraph (1) of this