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Article 46

No: 000044093096 Date(g): 13/6/2023 | Date(h): 24/11/1444 Status: In-Force

 

 (1)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.