Approval Conditions and Procedures
Article (4)
For approval to market insurance policies through Banks, a Company shall submit an application to the Authority through Electronic Means adopted for this purpose or other means adopted by the Authority containing the relevant information, data and documents, including:
- The approval of the Central Bank for the Bank to enter into contract with an insurance company to market insurance policies.
- To make sure that the Bank has a Designated Officer for the policies that are to be marketed.
- Submit a copy of the agreement between the parties, such agreement is subject to the approval of the Insurance Authority.
- The Company shall set a continuing training plan for the employees involved in marketing insurance products at the Bank.
- Any other requirements, documents or data as required by the Authority.
- The approval of the Central Bank for the Bank to enter into contract with an insurance company to market insurance policies.