Skip to main content
Back Custom print Text Only Rich Text Print

  • Obligations of the Company

    • Article ( 12)

      1. The Company may not authorize the Bank with the following:
         
        1. Issue Insurance policies and addenda, or make any amendments thereto;
        2. Settle claims;
        3. Pay compensations.
           
      2. The Insurance Company shall provide the Bank with the Authority's approval to market insurance policies.
         
      3. The Insurance Company shall obtain from the Bank a proof of the Central Bank's approval to market insurance policies.
         
      4. The Insurance Company shall inform the Authority through Electronic Means adopted for this purpose or other means adopted by the Authority of any change in the agreement with the Bank within five working days from the date of such change or amendment.
         
      5. The Insurance Company shall notify the Authority in case of discovering a breach by the Bank of the provisions of legislations, and the laws issued pursuant to any of them.
         
      6. The Company shall ensure that the customers of bancassurance are fully aware that the Bank is simply a marketing channel and is neither responsible for the terms and conditions of the insurance products it is marketing nor for the payment of any compensations, and that the responsibility for the aforementioned is solely borne by the Insurance Company.