Definitions
| 4. | The term “Companies” in This Code is intended to include: insurance and reinsurance companies and insurance related service providers including insurance and reinsurance brokerages. The rest of the terms used in This Code shall have the same meaning as per article one (1) of the Implementing Regulations. | |
| 5. | The term “Related Company” in this code means: a company (or one of several companies that SAMA may consider to be acting in concert) holding a shareholding of 10% or more of the equity of the licensed insurer, or a company in which the licensed insurer (either alone or with other companies that SAMA may consider to be acting in concert) holds a shareholding of 10% or more. | |