Definitions: The following terms and phrases, wherever mentioned herein, shall have the same meaning assigned thereto, unless the context otherwise requires:

3.1 Law: Cooperative Insurance Companies Control Law promulgated by Royal Decree No. (M/32) dated 2/6/1424H (corresponding to 31/7/2003), amended by Royal Decree No. (M/30) dated 27/05/1434H (corresponding to 8/4/2013).
 

Implementing Regulation: the Implementing Regulation of Cooperative Insurance Companies Control Law issued by Decision of the Minister of Finance No. (1/596)dated 01/03/1425H (corresponding to 20/4/2004).

3.3 SAMA: the Saudi Arabian Monetary Authority.

3.4 Rules: the Rules for Licensing and Supervision of Branches of Foreign Insurance and/or Reinsurance Companies in Saudi Arabia.

SAMA's Instructions:

shall include any regulations, rules, instructions and circulars issued by SAMA.

3.6 Applicant: a foreign Insurance and/or Reinsurance company submitting a licensing application to open a Branch in Saudi Arabia according to these Rules.

3.7 Company: a foreign Insurance and/or Reinsurance Company that is licensed to open a Branch in Saudi Arabia.

3.8 Branch: the branch of the foreign Insurance and/or Reinsurance Company
licensed to operate in Saudi Arabia.

3.9 Company's Contribution:

the amount deposited by the Company in the Branch's account in order to conduct its business in Saudi Arabia, as specified in Article (14) of these Rules.

Deposit: A percentage from Company's Contribution that every foreign insurance and/or reinsurance Company must deposit in a licensed Saudi bank to the order of SAMA as specified in Article (14) of these Rules, to be licensed according to the Rules.

Senior Managerial Roles:

persons responsible for managing daily operations of the Branch, and proposing and executing strategic decisions, such as Chief Executive Officer (CEO) and his/her delegates and the Chief Financial Officer (CFO).

The rest of the terms and phrases used in these Rules shall have the same meaning as defined in the Implementing Regulation.