1. This Regulation enumerates SAMA's corporate governance requirements that must be met by insurance and/or reinsurance companies.
2. The objective of This Regulation is to set high standards of corporate governance within the insurance industry in accordance with the recognized best international practices.
3. SAMA may, at any time, require any of the insurance service providers to comply with some or all of the requirements of this Regulation.

4. This Regulation shall be read in conjunction with the following:

   a) The Law on Supervision of Cooperative Insurance Companies promulgated by Royal Decree M/32 dated 2/6/1424 H and its Implementing Regulations 

   b) The Companies Law

   c) The Corporate Governance Regulations in the Kingdom of Saudi Arabia and the Listing Rules, issued by the Board of the Capital Market Authority (CMA)

   d) The Insurance Market Code of Conduct Regulation, the Risk Management Regulation, the Antifraud Regulation, the Anti-money Laundering and Combating Terrorism Financing Rules, the Regulation of Reinsurance Activities, the Insurance Intermediaries Regulation, the Online Insurance Activities Regulation, the Investment Regulation the Outsourcing Regulation, the Insurance Audit Committee Regulation, the Actuarial Work Regulation for Insurance and Reinsurance Companies, the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by the Saudi Arabian Monetary Agency, and any other regulations and relevant directives and circulars and resolutions issued by SAMA This regulation has been issued in both

5. Arabic and English. In the event of discrepancy in the interpretation of the two texts, the Arabic text prevails.