1. No person may carry out Insurtech Activities without a prior license from SAMA.
2. Insurtech Activities shall be carried out only by legal persons.
Licensing Provisions 1. Entities qualified to carry out Insurtech Activities shall submit a license request to SAMA prior to engaging in Insurtech Activities. The request submitted must include the following:
a) The business model/framework of the insurtech to be engaged in, including the vision and objective and products to be sold. b) The legal entity to be established and the partners' information. c) Expected capital.
d) A feasibility study that includes expected operating expenses, income and profits. e) The technological arrangements to be made for engaging in Insurtech Activities. f) Any other requirements set by SAMA for the purpose of reviewing the license request. 2. SAMA considers the license request within 30 days. Upon SAMA's approval of the request, the applicant shall receive a notification thereof to begin the procedures for establishing the Insurtech Company.
3. After the establishment of the Insurtech Company, a request for an initial license shall be submitted to SAMA,
along with the following requirements:
a) Memorandum of association/articles of association. b) A complete Fit and Proper Form for the general manager/CEO.
c) The Insurtech Company's plan to comply with the provisions of the Rules. d) Any contracts or agreements arising from the technological arrangements set out in Item (e) of Paragraph 1 of this Article. e) An insurance policy that covers professional liability. f) An emergency and business continuity plan that includes actions to be taken if one or more components of the technological system go(es) down. The plan must include corrective measures to ensure business continuity, and the mechanism for reporting to SAMA. g) Any other requirements set by SAMA.
4. SAMA considers the initial license request and issues a decision whether or not to grant the initial license within 15 days from the date of receiving all required documents.
5. Upon obtaining the initial license, the Insurtech Company shall: a) Commence the licensed Insurtech Activities within the period specified by SAMA. b) Not market or advertise the licensed Insurtech Activities without prior approval from SAMA.
c) Provide SAMA with a summary of the insurtech operations carried out by the Insurtech Company on a monthly basis through the application form provided by SAMA. d) Inform SAMA, on a monthly basis, about any risks that appeared or were discovered during conducting Insurtech Activities.
e) Inform SAMA immediately, about any vulnerabilities that appeared or were discovered during conducting Insurtech Activities. f) Meet any other requirements set by SAMA. 6. Upon ensuring the Insurtech Company's compliance with the requirements set forth in Article 5 hereof, SAMA issues the license for Insurtech Activities and determines the types of Insurtech Activities that the Insurtech Company is licensed to carry out. Such license shall be renewed annually.
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