There were at least 70 insurance firms operating in Sa'udi Arabia in 1998 offering all categories and classes of insurance. The National Company for Cooperative Insurance, founded by royal decree in 1985 and owned by three government agencies, had share capital of SR 250 million. In all, insurance premiums amounted to over $760 million. Premiums covering oil facilities, major projects, marine and aviation represent over 44% of total premiums, motor insurance accounts for 23%, medical 18%, and fire 14%. Insurance organizations in Sa'udi Arabia are regulated by the Ministry of Commerce. One insurer is officially licensed by the kingdom, the National Company for Cooperative Insurance, which is primarily owned by the government. Insurance companies operating in the country adhere to the tenets of Islam, which does not recognize insurance. For this reason, there are no insurance laws on the books, except those dealing with benefits for injured employees.