Rules Governing Bancassurance Activities

Allow the Company to view, review all Bank books and records related to Bancassurance Activities or obtain copies of them, and prepare the following records: 1- Communications record; 2- Internal records; and 3- Clients’ complaints record. 2. The Bank shall establish a Bancassurance unit to oversee the Bancassurance activities, and the Bank’s code of governance shall determine its operation procedures and shall include, at a minimum, the following responsibilities: A. Supervision of the Bank's electronic and non-electronic marketing and distribution channels. B. Holding training courses for Authorised Employees. C. Establish procedures to control and verify that the marketing and distribution of insurance products are carried out in an honest, transparent and fair manner. 3. The Bancassurance unit shall be under the management of an employee with sufficient experience who will be employed by the Bank to fill the position of director of the Bancassurance department, after obtaining SAMA’s non-objection. 4. Bancassurance Activities shall be practiced through the Bank’s marketing and distribution channels electronic and non electronic. 5. The Bank shall ensure that all Authorised Employees have the Insurance Foundations Professional Exam certificate (IFCE) and any other certificate specified by SAMA. 6. The Bank must obtain the Company’s approval to expand the marketing and distribution channels, electronic and non electronic; through which Bancassurance Activities are practiced, along with notifying SAMA's of such. 7. The Bank must not conduct Bancassurance Activities with other than his Clients. Article Six Company’s Obligations 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. Obtain SAMA’s approval before any material amendments to the Agreement between the Company and the Bank. 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. Maintain the confidentiality of the data and information of the Bank and its Clients. The Company shall regularly review the Bank’s practice of Bancassurance Activities, whether through Bank’s electronic or non- electronic channels. 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. Article Seven The Bank is prohibited from requiring the Client to obtain banking products in order to get the insurance products or vice versa, unless the insurance coverage is binding by a competent authority. Article Eight The Company may sign an Agreement with one Bank or more, and the Bank may sign an Agreement with one Company or more. Article Nine Rules of professional Conduct: The Bank shall comply with the rules of professional conduct by fulfilling the following requirements: Act in an honest, transparent and fair manner, and fulfill all of their obligations towards the Clients and the Company, as stipulated by Saudi Arabian laws and regulations. Where these obligations have not been fully codified, internationally accepted best practices should be honored. Act within reasonable competence when dealing with Clients and the Company, which is acquired through training, experience, and consulting with experts when needed. Continuously enhance the skills and knowledge of the Authorised Employees in charge, along with the continuous follow up of the products and services available in the market. Take reasonable care in maintaining adequate managerial, financial, operational, and human resources to c