LIST OF INSURANCE COMPANIES IN SAUDI ARABIA
Saudi Arabia Companies – World Insurance Companies Logos المملكة العربية السعودية – آسيا – شعار لشركات التأمين حول العالم. The graphic mark of a company is synonymous with its brand. In insurance, a logo is immediately recognizable and allows the customer to associate the company with helpful qualities such as trust, fair price, and many other key questions about finding the best insurance.
Click on the insurance company logos to get a lot of up-to-date information from every insurer in SAUDI ARABIA. We want to help you to find the best insurance on the internet.
ONLINE INSURANCE ACTIVITIES REGULATION
First: Business Plan
10. The company must, prior to requesting SAMA’s approval for conducting online insurance activities, develop a business plan specific to the online insurance business activities. The business plan must be reviewed by the Board of Directors before being submitted to SAMA and should include but not be limited to:
a) Analysis of the forecasted volume of online insurance activities over the next 3 years.
b) Analysis of the risks associated with online business and the measures that will be taken to mitigate these risks, including but not limited to, adverse selection risks, money laundering, strategic risks, and potential website unauthorized access.
c) Contingency plan documenting the actions to be taken in the event of a failure of one or several components of the online system, including corrective and business continuity measures, as well as the obligation to report the event to the proper authorities within the Company and SAMA.
11. The company must obtain SAMA’s written approval before adopting its online business plan. In addition, the company must obtain SAMA’s written approval on any significant amendments or modifications to the business plan and SAMA might require a modification or change to the business plan when it sees necessary.
12. The business plan of online insurance activities must be approved and set by the board of directors after obtaining SAMA’s written approval and must be reviewed annually, or when making any fundamental change to the company’s strategy related to online insurance activities.
Second: Insurance Products
13. The company should submit a request to SAMA for obtaining an approval on its insurance products that will be sold on its website, taking into consideration the following
a) Not selling any Protection and Savings Insurance policies on its website or any other website.
b) Not selling any insurance policy with a Gross Written Premium exceeding SR 10,000 (Ten Thousand Riyal) on its website or any other website.
Third: Management of the Website
14. The company must establish a unit within the IT department to be in charge of the website and its operational aspects including but not limited to posting content, monitoring performance, handling customer inquiries, tracking key performance indicators, measuring the traffic of data, and handling maintenance.
15. The company must obtain SAMA’s written approval before signing a contract for outsourcing the management of the website to any third party.
16. After obtaining SAMA’s written approval for outsourcing the management of the website to a third party, the company must check the compliance of that party with the articles of this regulation and other related laws and regulations.
17. In the case of outsourcing the management of the website to a third party that approved to work in the Kingdom, according to the relevant laws, the company must appoint a communication officer in charge of the relation with the third party to whom the management of the website has been outsourced.
The communication officer’s responsibilities include, but are not limited to monitoring the content of the website, answering customer inquiries and requests, ensuring that the third party meets the conditions and standards defined in the outsourcing agreement, and ensuring compliance of the third party with the relevant laws and regulations.
From Insurance Supervision Department
Saudi Arabia, Asia – World Insurance Companies Logos