Article One
Effective from Feb 25 2025 - Feb 24 2025
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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 Arabian Monetary Authority. |
| 1.2 | Rules: The Rules Governing Banc assurance 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 | Banc assurance 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 Banc assurance Activities. |
| 1.7 | Authorised Employee: The Bank employee(s) assigned by the agreement with the Company to carryout Banc assurance Activities. |
| 1.8 | Client: a natural person or juristic entity who deals with the Bank. |