This regulation specifies the requirements and provisions for conducting insurance activities by insurance companies, insurance brokers and agents over the internet.

This regulation specifies the requirements and provisions for conducting insurance activities by insurance companies, insurance brokers and agents over the internet.

This regulation must be complied with in conjunction with the Law on Supervision of Cooperative Insurance Companies promulgated by Royal Decree M/32 dated 2/6/1424 H and its Implementing Regulations, and the Online Regulation promulgated by Royal Decree M/18 dated 8/3/1428 H and its Implementing Regulations, and the Anti-Cyber Crime Law promulgated by Royal Decree M/17 dated 8/3/1428 H in addition to any Regulations or other instructions issued by SAMA and specially the Anti Money Laundering & Combating Terrorism Financing Regulation, the Anti-Fraud Regulation, the Market Code of Conduct Regulation, the Outsourcing Regulation for Insurance and/or Reinsurance Companies and Insurance service providers. In addition to other relevant laws, regulation, instructions and decisions.

• The following words and phrases wherever they appear in this Regulation shall have the meanings set forth opposite them unless the context requires otherwise:

  • The Bank: The Saudi Central Bank (SAMA).
  • The Regulation: Electronic Insurance Operations Regulation.
  • The Company: Insurance companies, insurance brokers, and insurance agents licensed to operate in the Kingdom by the Authority.
  • The Client: The insured, the user of the website, or anyone who applies for insurance coverage through the website.
  • Electronic Transactions: Any exchange, correspondence, contracting, or any other procedure concluded or executed - partially or wholly - by electronic means.
  • Electronic Data: Any data with electronic characteristics in the form of texts, symbols, images, drawings, or other electronic formats, whether combined or separate.
  • Electronic Insurance Operations: Any activities practiced by the Company through the Internet network, including but not limited to selling insurance policies, collecting insurance premiums, receiving claims, receiving and processing complaints.
  • The Website: The Company's address on the Internet network as approved by its publications and advertisements, licensed by the competent authority.
  • Paper Copy: Computer outputs printed on paper.
  • Electronic Copy: Any document stored in computer memory, or on a magnetic disk (internal or external), or on any other electronic storage medium whose contents can be viewed on a computer and transferred via electronic media including but not limited to email.
  • Unauthorized Access: Deliberate entry by a person into a computer, website, information system, or computer network without authorization to access it.

• The terms used in this Regulation shall have the meanings set forth in Article One of the Implementing Regulation of the Cooperative Insurance Companies Control Law

The company must establish appropriate internal controls and procedures to ensure and monitor compliance with this regulation and any related laws. In case the company contracts with other parties, it must ensure the compliance of all parties with the provisions of this regulation and any related laws.

The company must maintain adequate records to demonstrate compliance with this regulation and any related laws, including—but not limited to—online activities business plan, outsourcing contracts to external parties, website hosting contracts.