From Globalarabnetwork.com: The insurance sector in Saudi Arabia was unregulated prior to the passing Control of Cooperative Insurance Companies Law, which came into force on 20 November 2003 along with its implementing regulations published on 23 April 2004.
Prior to the implementation of the Cooperative Insurance Regulations and the subsequent establishment of licensed insurance companies in Saudi Arabia, the only options for individuals or businesses operating in Saudi Arabia………….Full Article: Source