Article 17
| No: M/32 |
Effective from Jul 31 2003 - Jul 30 2003
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All insurance and re-insurance companies governed by the provisions of this Law shall keep a separate account for each class of insurance as specified in the implementing regulation of this Law. They shall also keep records and books to record insurance policies issued by the company, names and addresses of the holders of such policies and the date of concluding each policy, its effectiveness, prices and conditions provided for in it. Any change or amendment occurring in such policies shall also be recorded in these records and books. The Saudi Central Bank may issue the decisions it deems necessary to compel insurance companies to record in the books and records any data it deems necessary to exercise its authority of control and supervision. The data contained in the records and books mentioned above may be entered in the computer in accordance with the rules and procedures provided for in the implementing regulation of the Law of Commercial Books.