1.

The applicant for insurance aggregator license shall:

a)

be a joint stock or limited liability company licensed to operate in Saudi Arabia; and

b)

have a minimum capital of:

-

Five hundred thousand Saudi Riyals (500,000) for an Insurance Aggregator only.

-

Three million Saudi Riyals (3,000,000) for an insurance broker conducting Insurance Aggregation Activities.

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SAMA shall determines the additional minimum capital required based on the insurance lines and products as specified by the applicant in the business plan referred to in subsection (2) of this article.

2.

The application shall include a specific business plan for Insurance Aggregation Activities. The plan shall, as a minimum, include the following:

a)

Insurance lines and products to be displayed on the Electronic Platform, and analysis of the volume of online insurance transactions expected over the next three years;

b)

Analysis of the risks related to web transactions and precautionary measures and actions necessary to reduce such risks, including, money laundering crimes, strategic risks and illegal access to the data; and

c)

Emergency plan that includes actions to be taken if one or more components of the Electronic Platform go down. The plan must include corrective measures to ensure business continuity and reporting mechanisms to SAMA and the company.

3.

The application submitted to SAMA shall include all regulatory requirements and documents required by SAMA to examine the application.

4.

The license shall not be granted unless the applicant presents a professional liability insurance policy covering negligence, errors and omissions from an Insurance Company. The insurance coverage shall not be less than (5,000,000) five million Saudi riyals.