Bill regulating the insurance activity in the kingdom

The currently-debated bill will make insurance activities official in Saudi Arabia. According to this bill, companies will act in a cooperative spirit paying back 10% of their technical profits to their insured customers. The authorized capital would amount to 100 million SAR (27 million USD) for insurance companies, and 200 million SAR (54 million USD) for reinsurance companies. 51% of the capital shall be in the hands of Saudi share holders.