Payment Account Information Services Provider or Payment Initiation Services Provider must hold professional indemnity insurance or a comparable guarantee.
(2)
The professional indemnity insurance must cover potential liability to Payment Account Service Providers and Payment Service Users, resulting from - unless there is a specific value indicated by SAMA :
(a)
In respect of its Payment Account Information Services, unauthorized or fraudulent access to, or use of, Payment Account information;
(b)
In respect of its Payment Initiation Services, Unauthorized Payment Transactions and non-execution or defective or late execution of transactions and associated liability for charges and interest and right of recourse.
