| 1. | The Bank shall be fully responsible for the Authorised Employees’ practice of Bancassurance Activities. In order to ensure that the activities are carried out in line with SAMA's instructions and principles of transparency, the Bank shall: |
| 1.1 | Ensure compliance with the terms of the Agreement and the procedures contained therein in all marketing and distribution channels of the Bank, and set the appropriate internal controls and procedures to ensure compliance with the relevant laws, regulations and rules; |
| 1.2 | Maintain adequate records demonstrating the Bank's compliance with the provision (1.1); |
| 1.3 | Prepare compliance reports regarding the Bancassurance Activities as agreed with the Company; |
| 1.4 | Ensure compliance with the limits of insurance policies permitted to be marketed and distributed in accordance with the Agreement; |
| 1.5 | Maintain the confidentiality of data, records and information of the Company and its Clients; and |
| 1.6 | Allow the Company to view, review all Bank books and records related to Bancassurance Activities or obtain copies of them, and prepare the following records: |
| | | 1- | Communications record; |
| | | 2- | Internal records; and |
| | | 3- | Clients’ complaints record. |
| 2. | The Bank shall establish a Bancassurance unit to oversee the Bancassurance activities, and the Bank’s code of governance shall determine its operation procedures and shall include, at a minimum, the following responsibilities: |
| | | A. | Supervision of the Bank's electronic and non-electronic marketing and distribution channels. |
| | | B. | Holding training courses for Authorised Employees. |
| | | C. | Establish procedures to control and verify that the marketing and distribution of insurance products are carried out in an honest, transparent and fair manner. |
| 3. | The Bancassurance unit shall be under the management of an employee with sufficient experience who will be employed by the Bank to fill the position of director of the Bancassurance department, after obtaining SAMA’s non-objection. |
| 4. | Bancassurance Activities shall be practiced through the Bank’s marketing and distribution channels electronic and non electronic. |
| 5. | The Bank shall ensure that all Authorised Employees have the Insurance Foundations Professional Exam certificate (IFCE) and any other certificate specified by SAMA. |
| 6. | The Bank must obtain the Company’s approval to expand the marketing and distribution channels, electronic and non electronic; through which Bancassurance Activities are practiced, along with notifying SAMA's of such. |
| 7. | The Bank must not conduct Bancassurance Activities with other than his Clients. |
