General Provisions
Article Seventy-Nine
The percentage of Saudi Employees shall not be less than 30% at the end of the first year, and this percentage shall increase annually according to a Saudization plan submitted to SAMA.
Article Eighty
The Company and Insurance and Reinsurance Services Provider’s advertising materials shall not contain any false, deceptive or misleading representations, whether they are related to price or their financial and economical position. They shall not include statements in their advertisement material that would appear to defame and cause prejudice to the interests, products and services of others.
Article Eighty-One
No Person shall introduce a pension plan, or a reciprocal exchange, or a Self-Insurance scheme without the prior written approval of SAMA.
Article Eighty-Two
The Governor shall issue all insurance related regulatory and supervisory instructions and procedures.
Article Eighty-Three
A technical Committee or Committees may be formed to improve the development of the insurance sector by a decision from the Governor.
Article Eighty-Four
This Implementing Regulations shall be effective from its publishing date in the official Gazette. SAMA shall review and recommend amendments thereof every three years or when such amendments are deemed necessary.