The Insurance Release Form is a critical document used in Saudi Arabia when finalizing insurance claim settlements. It serves as a formal legal instrument that releases the insurance company from further liability while protecting the rights of all parties involved. This document must comply with both the Saudi Arabian Cooperative Insurance Companies Control Law and Sharia principles, making it unique compared to conventional insurance releases in other jurisdictions. The form is typically used after a claim has been settled and agreed upon, whether for personal injury, property damage, or other insured losses. It includes essential elements such as settlement amounts, release terms, and necessary declarations, all structured to meet Saudi legal requirements and Islamic finance principles. The document must be prepared in both Arabic and English, with the Arabic version being legally predominant.

1. Parties: Identification of all parties including the insured, insurer, and any other relevant parties such as beneficiaries or witnesses

2. Background: Brief description of the insurance claim, incident details, and relevant policy information

3. Definitions: Key terms used in the release form, including Arabic/English equivalents where necessary

4. Release Statement: Clear and unambiguous statement of release from liability, including the scope of the release

5. Settlement Amount: Details of any monetary settlement, payment terms, and confirmation of receipt if applicable

6. Warranties and Representations: Declarations by the releasing party regarding their authority and understanding of the release

7. Governing Law and Jurisdiction: Explicit statement of Saudi Arabian law as governing law and relevant jurisdiction for disputes

8. Language: Statement that Arabic is the prevailing language in case of discrepancy between Arabic and English versions

9. Execution: Signature blocks, witness requirements, and execution formalities