Rules Governing Bancassurance Activities

Renewal of Insurance Policy: a. Ensure that renewal notifications include Clients’ duties to disclose changes affecting the policy, which have occurred since the policy inception or the last renewal date ; b. Ensure that renewal notification contains a requirement for keeping records, including copies of letters, of all information supplied to the Company for the purpose of renewal of the contract ; c. Ensure that the Clients are aware of the expiry date of the policy even if the Company has no intention to renew. d. Ensure that the Clients receive the renewal notice of the policy issued by the Company before its expiration. 3.4 Claims handling : The Bank shall not approve or settle claims. However, the Bank shall: a. Immediately acknowledge filed claims; b. Provide claim forms along with clarifying the information or procedures needed to be done the Client to file the claim; c. Provide adequate instructions to the Clients on filing claims and information on claim handling; d. Provide the Clients with an acknowledgement of receipt or a notification of any missing information or documents, within seven days of receiving the claim; e. Notify the Clients of any development regarding the claim at least once every 15 working days; f. Notify the Clients in writing of claim acceptance or rejection; and g. Explain the method of filing complaints and procedures of dispute resolution if the Client is not satisfied with the settlement reached. 3.5 Client Complaints: a. Receive complaints, by phone or in writing such as letters, e-mail or fax; b. Explain complaint filing procedures; c. Provide the Clients with the contact information of the Company to follow up on their complaints; d. Notify the Clients of the developments in their complaints; e. Respond to the complaints within (15) days of filing; and f. Maintain an electronic system to record and follow up on complaints. Article Eleven Agreement Termination Procedures The Company or the Bank shall submit to SAMA a request to terminate the Agreement along with the reasons of termination. After obtaining SAMA’s approval, the Company and the Bank shall: a) Sign a financial clearance between them; b) Announce the termination of the Agreement on their official websites; and c) Take all actions that indicate the termination of the Agreement, including removal of all advertisements and returning the usernames and passwords of the Company’s electronic systems Article Twelve Control and Inspection SAMA shall supervise and conduct a periodic or surprise inspection of the Bank and the Company to ensure compliance to the Agreement and SAMA’s Bancassurance Rules, and investigate any violations detected by the inspection or from the complaints received by SAMA. SAMA may request all relevant information and documents to ensure the Bank and the Company’s compliance with the provisions of the Agreement and SAMA’s applicable instructions on conducting Bancassurance Activities. Article Thirteen Consequences of Non-Compliance Non-compliance with the requirements of these Rules shall be deemed a violation of the Cooperative Insurance Companies Control Law, its Implementing Regulation and the Banking Control Law , and may subject the Bank or the Company to legal penalties.