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Article Six Company’s Obligations

No: 188/441 Date(g): 6/5/2020 | Date(h): 14/9/1441 Status: In-Force

  1. The Company shall perform and not assign any of the following authorities to the Bank:

    a. Make any amendments to the insurance policies or its annexes.

    b. Settlement of claims.

    c. Payment of compensation.

  2. Obtain SAMA’s approval before any material amendments to the Agreement between the Company and the Bank.

  3. The Company shall provide SAMA with an annual training plan for the Authorised Employees, provided that it includes -at a minimum- the following:

    a. Training on marketing and distribution techniques;

    b. Workshops to introduce insurance products; and

    c. Training on anti-money laundering and counterterrorist financing.

  4. Maintain the confidentiality of the data and information of the Bank and its Clients.
  5. The Company shall regularly review the Bank’s practice of Bancassurance Activities, whether through Bank’s electronic or non- electronic channels.
  6. The Company shall pay the Bank the marketing and distribution of insurance products’ commission as a result of carrying out Bancassurance Activities during the period specified in the Agreement, provided that the commission is in line with SAMA;s instruction.