Skip to main content
Custom print
Download Original PDF

Article One

Effective from Feb 25 2025 - Feb 24 2025
To view other versions open the versions tab on the right

Definitions:

The following terms and phrases, wherever mentioned herein, shall have the meanings assigned thereto unless the context otherwise requires:

1.1SAMA: The Saudi Central Bank*.
1.2Rules: The Rules Governing Banc assurance Activities.
1.3Company: The insurance company licensed to practice insurance business in accordance with the provisions of the Cooperative Insurance Companies Control Law.
1.4Bank: Any bank licensed to carry out banking business in the Kingdom of Saudi Arabia in accordance with the provisions of the Banking Control Law.
1.5Banc 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.
1.6Agreement: A contract by which the Company and the Bank agree that the Bank will carry out the Banc assurance Activities.
1.7Authorised Employee: The Bank employee(s) assigned by the agreement with the Company to carryout Banc assurance Activities.
1.8Client: a natural person or juristic entity who deals with the Bank.

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