Chapter 2 Chapter 2 General Provisions
Article (74) Registration of Insurance Experts, Consultants, Brokers and Representatives
No actuary, consultant, surveyor, loss adjuster, broker or representative of an insurance company may engage in business in the Kingdom with companies regulated by this law unless they have their names registered on the Register prepared for this purpose by the Central Bank. The terms and conditions for registration in this register shall be issued by the Central Bank.
Article (75) Invalid Provisions in Insurance Policies
Any of the following conditions shall be deemed invalid if incorporated in an insurance policy:(1) Any condition that forfeits any of the policyholder's rights due to a violation by the policyholder of any law or regulation. Such invalidation shall not include deliberate offenses committed by policyholders.(2) Any condition that does not explicitly state whether it pertains to any of the cases that annul the policyholder's rights.
Article (76) Approval of Insurance Policy Forms and Appendices(a) No insurance company subject to the provisions of this law shall issue forms of insurance policies or any appendices thereto without the approval of the Central Bank. In order to obtain such approval, applications shall be submitted to the Central Bank accompanied by a copy of the policy or the appendix that it intends to issue.(b) The Central Bank shall review the contents of insurances policies and any appendices thereto and shall notify the insurance company, within sixty days from the date of application, of its approval or objection to any contents that may contradict the law or the public order. If the applicant company received no notification during this period, an implicit approval to the contents of the insurance policy or its appendices shall be assumed.(c) Insurance policies, appendices and endorsements shall be made in Arabic language and may be accompanied by an English translation. However, in the event of any contradiction between the two texts, the Arabic text shall prevail.
The Central Bank may exclude certain types of policies from being made in the Arabic language.
Article (77) Amendment of Insurance Policy
The Central Bank may require, at any time, such amendments to the insurance policy, as it deems necessary to safeguard the interests of the policyholders if there is any matter that may cause damages the interests of the policyholders.
Article (78) Marketing the Insurance Policies Abroad
No insurance company registered in the Kingdom shall market its insurance policies abroad without obtaining a prior written approval from the Central Bank.
Article (79) Disposal of the Assets of Insurance and Reinsurance Companies
Insurance or reinsurance companies shall not sell, mortgage or otherwise dispose of more than 5% (five per cent) of the company's assets, according to its latest approved final accounts, for thirty consecutive days, without a written approval from the Central Bank.