1. This regulation specifies the requirements and provisions for conducting insurance activities by insurance companies, insurance brokers and agents over the internet.
2. This regulation specifies the requirements and provisions for conducting insurance activities by insurance companies, insurance brokers and agents over the internet.
3. This regulation must be complied with in conjunction with the Law on Supervision of Cooperative Insurance Companies promulgated by Royal Decree M/32 dated 2/6/1424 H and its Implementing Regulations, and the Online Regulation promulgated by Royal Decree M/18 dated 8/3/1428 H and its Implementing Regulations, and the Anti-Cyber Crime Law promulgated by Royal Decree M/17 dated 8/3/1428 H in addition to any Regulations or other instructions issued by Saudi Central Bank and specially the Anti Money Laundering & Combating Terrorism Financing Regulation, the Anti-Fraud Regulation, the Market Code of Conduct Regulation, the Outsourcing Regulation for Insurance and/or Reinsurance Companies and Insurance service providers. In addition to other relevant laws, regulation, instructions and decisions.

4. The following terms and statements in this regulations refers to the meanings explained here, unless stated otherwise:

   Central Bank: refers to Saudi Central Bank*.

   Regulation: refers to the online insurance activities regulation.

   Company: refers to the insurance companies, insurance brokers and agents licensed by Saudi Central Bank to conduct business in the Kingdom.

   Customer: refers to the insured, the web site user, or any person who submits a request to get an insurance cover through the web site.

   Online transactions: refers to any exchange, contract, communication or other procedure conducted or executed— fully or in part— online.

   Online Statements: refers to online statements in the form of text, symbols, pictures or drawings or other form of online formats combined or in parts.
    

   Online Insurance Activities: refers to any business conducted by the company through the internet, including, but not limited to, selling insurance policies, collecting premiums, receiving claims, and receiving and handling with complaints.

   Website: refers to the company's web site address that is licensed by the designated authority and used on the company's prints and advertisements.

   Hard copy: refers to the output of computer in printed form.

   Soft Copy: refers to any document stored in the memory of the computer, or on a hard disc (internal or external), or any other electronic storage mean, the content of which can be viewed on a computer and transferred electronically through, but not limited to, email.

   Unauthorized Access: refers to the access of a person on purpose to a computer or website or an information system or network, without authorization.

   The remaining terms used in this regulation have the same meaning as stated in article 1 of the Implementing Regulations of the Law on Supervision of Cooperative Insurance Companies.

* The Saudi Arabian Monetary Agency was replaced by the name of Saudi Central Bank in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding in 26/11/2020AD.

5. The company must establish appropriate internal controls and procedures to ensure and monitor compliance with this regulation and any related laws. In case the company contracts with other parties, it must ensure the compliance of all parties with the provisions of this regulation and any related laws.
6. The company must maintain adequate records to demonstrate compliance with this regulation and any related laws, including—but not limited to—online activities business plan, outsourcing contracts to external parties, website hosting contracts.
7. The company must publish this regulation, along with all any related laws and regulations on its website.
8. The company must comply with the provisions of this regulation within 6 months from the date of issuance of this regulation.

9. Non-compliance with the requirements set forth in this regulation will be deemed a breach of the Law on Supervision of Cooperative Insurance Companies and its Implementing Regulations and licensing conditions and may subject Companies to enforcement action.