Book traversal links for المادة الأولى: التعاريف
Article One
No: 188/441 | Date(g): 6/5/2020 | Date(h): 14/9/1441 | Status: In-Force |
Versions (7 versions) |
Definitions:
The following terms and phrases, wherever mentioned herein, shall have the meanings assigned thereto unless the context otherwise requires:
1.1 | SAMA: The Saudi Central Bank*. |
1.2 | Rules: The Rules Governing Bancassurance Activities. |
1.3 | Company: The insurance company licensed to practice insurance business in accordance with the provisions of the Cooperative Insurance Companies Control Law. |
1.4 | Bank: Any bank licensed to carry out banking business in the Kingdom of Saudi Arabia in accordance with the provisions of the Banking Control Law. |
1.5 | Bancassurance Activities: Marketing and distribution of insurance products by the Bank to its Clients according to the signed Agreement between the Bank and the Company. |
1.6 | Agreement: A contract by which the Company and the Bank agree that the Bank will carry out the Bancassurance Activities. |
1.7 | Authorised Employee: The Bank employee(s) assigned by the agreement with the Company to carryout Bancassurance Activities. |
1.8 | Client: a natural person or juristic entity who deals with the Bank. |
* The Saudi Arabian Monetary Agency was replaced By the name of Saudi Central Bank accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding in 26/11/2020AD.