In continuation to the Central Bank’s pursuit to enhance standards within the insurance sector, and with regards to the business continuity mechanism in the event of accidents or disasters, the Central Bank stresses the importance of an effective, applied and tested mechanism based on best practices to ensure business continuity without interruptions or disruptions of importance services.

Please be informed the insurance and/or reinsurance companies must comply with the Business Continuity Management Framework "BCMF" (attached), by following the guidelines below:

First: Gap Assessment; conduct an assessment of the current situation of business continuity at the company. This should be compared against the requirements stated within the “BCMF” to identify areas of weaknesses. A business plan should be developed to comply with requirements of the Central Bank after assessing the current situation and sending it to the Central Bank within ninety working days of the date of publication of this circular.

Second: Provide the Central Bank with quarterly reports starting from the end of the first quarter of the year 2023 until full compliance with the “BCMF”.

Third: The company must fully comply with the requirements stated in the “BCMF” within one year of the date of publication of this circular.

The business plan and quarterly reports to be sent to:

CRC.Compliance@SAMA.GOV.SA

To be informed and complied with.