| | 1. | Without prejudice to any harsher punishment provided for in any other law, anyone who conduct insurance activities or insurance related service activities without a license from the Saudi Central Bank shall be punished by a fine of no more than two million Saudi riyals and imprisonment for a period not exceeding four years, or by either.
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| | 2. | Subject to Paragraph (1) of this Article, anyone who violates any of the provisions of this Law shall be punished by a fine of no more than two million Saudi riyals. In case of continuation of violation, a fine of no more than (10,000) Saudi riyals shall be imposed for each day the violation continues.
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| | 3. | The decision issued for the penalty to be imposed may include a statement for the publication of the summary of the decision at the expense of the violator in a local newspapers or in any other appropriate channel; depending on the type, gravity and effect of the violation committed. Decisions shall only be published after being final.
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