Instructions for Accounting Policies to be Followed and Necessary Forms for Preparing and Presenting Financial Reports and Statements No. (28) of 2024

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Instructions for Accounting Policies to be Followed and Necessary Forms for Preparing and Presenting Financial Reports and Statements No. (28) of 2024

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Instructions No. (28) of 2024
Instructions for Accounting Policies to be Followed and Necessary Forms for Preparing and Presenting Financial Reports and Statements

Article (1):
These instructions shall be called (Instructions for Accounting Policies to be Followed and Necessary Forms for Preparing and Presenting Financial Reports and Statements for the year 2024), and are issued pursuant to the provisions of Paragraph (w) of Article (24) and Paragraph (b) of Article (109) of the Insurance Business Regulation Law No. (12) of 2021 and shall be effective as of 26/12/2024.

Article (2): a- The words and phrases contained in these instructions shall have the meanings assigned to them below, unless the context or text indicates otherwise:
The Law: Insurance Business Regulation Law No. (12) of 2021.

b- The definitions of terms and phrases contained in the Law shall be adopted wherever they appear in these instructions, unless the context or text indicates otherwise.

Article (3):
The insurance company shall follow the accounting policies and prepare the final financial reports and statements as follows:
a- Insurance companies licensed to practice insurance business according to Form No. (1) attached to these instructions. b- Insurance companies licensed to practice Takaful insurance business according to Form No. (2) attached to these instructions.

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Article (4): a- The insurance company shall provide the Central Bank with the approved, certified, and signed final financial statements by the external legal accountant in accordance with the provisions of these instructions, no later than the end of February of the end of the financial year, for each of the following:
1- The company's operations in the Kingdom.
2- The company's operations in the Kingdom and its foreign branches - if any -.
3- The company's operations in the Kingdom, its foreign branches, and its subsidiaries - if any -.

b- The Governor may request the amendment or re-issuance of any of the statements submitted in accordance with the provisions of Paragraph (a) of this Article within the period he specifies for this purpose.

Article (5):
The insurance company shall provide the Central Bank with the interim financial statements reviewed by the external legal accountant according to the forms prepared and approved by a decision of the Governor for this purpose, taking into account the following:
a- Forms for the first quarter of the financial year no later than the end of April. b- Semi-annual forms of the financial year no later than the end of July. c- Forms for the third quarter of the financial year no later than the end of October.

Article (6):
The forms attached to these instructions are considered an integral part thereof and shall be read therewith.

Article (7):
The insurance company shall reconcile its status in accordance with the provisions of these instructions for the purpose of preparing the final financial statements for the year 2024.

Article (8):
The Governor shall issue the necessary decisions to implement the provisions of these instructions.

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Article (9):
Instructions for Accounting Policies to be Followed and Necessary Forms for Preparing and Presenting Financial Reports and Statements No. (5) of 2023 and its amendments and decisions issued thereunder are hereby repealed.

[Signature]

Chairman of the Board of Directors of the Central Bank