The Insurance SLA is a critical document used to establish and maintain the relationship between insurance providers and their clients in Saudi Arabia. It is specifically designed to meet the requirements of the Saudi Arabian Monetary Authority (SAMA) and incorporate necessary Shariah compliance elements. This document is essential when establishing new insurance service relationships or updating existing ones, particularly for corporate clients requiring detailed service level commitments. The agreement covers key aspects such as coverage terms, service performance metrics, claims processing standards, and reporting requirements, while ensuring compliance with local regulations and Islamic insurance principles. It's particularly important for businesses seeking to formalize their insurance arrangements with clear, measurable service standards and performance indicators.
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1. Parties: Identification of the insurance provider and the insured party, including full legal names and registration details
2. Background: Context of the agreement, including the nature of the insurance services being provided
3. Definitions: Detailed definitions of technical terms, service levels, and key concepts used throughout the agreement
4. Scope of Services: Detailed description of insurance coverage and associated services
5. Service Level Requirements: Specific performance metrics, response times, and service quality standards
6. Premium and Payment Terms: Details of premium calculations, payment schedules, and payment methods
7. Claims Process: Procedures for filing, processing, and settling claims
8. Reporting and Communication: Requirements for regular reporting, notifications, and communication protocols
9. Compliance Requirements: Obligations to comply with SAMA regulations and Shariah principles
10. Data Protection and Confidentiality: Requirements for handling personal data and maintaining confidentiality
11. Term and Termination: Duration of the agreement and conditions for termination
12. Dispute Resolution: Procedures for resolving disputes under Saudi law
13. Governing Law: Specification of Saudi law as the governing law and relevant jurisdiction
1. Business Continuity: Details of business continuity and disaster recovery procedures, required for high-value or critical insurance services
2. Takaful Provisions: Specific provisions for Islamic insurance principles, required if operating under a Takaful model
3. Subcontracting: Terms governing the use of subcontractors or third-party service providers, if applicable
4. Insurance Requirements: Additional insurance requirements for the service provider, needed for complex or high-risk services
5. Training and Support: Requirements for training and support services, relevant for complex insurance products
6. Performance Reviews: Procedures for regular service performance reviews, recommended for long-term agreements
7. Change Management: Procedures for managing changes to services or requirements, important for flexible or long-term agreements
1. Schedule 1 - Service Level Metrics: Detailed metrics and KPIs for measuring service performance
2. Schedule 2 - Premium Calculation: Detailed methodology for calculating premiums and adjustments
3. Schedule 3 - Claims Procedures: Step-by-step procedures for claims processing
4. Schedule 4 - Reporting Templates: Standard templates for required reports and notifications
5. Schedule 5 - Contact Details: Key contacts and escalation procedures
6. Appendix A - Technical Requirements: Technical specifications and requirements for service delivery
7. Appendix B - Compliance Checklist: Checklist of regulatory and Shariah compliance requirements
8. Appendix C - Data Protection Requirements: Detailed data protection and security requirements
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Healthcare
Manufacturing
Real Estate
Construction
Transportation
Energy
Retail
Technology
Professional Services
Education
Hospitality
Relevant Teams
Legal
Risk Management
Compliance
Operations
Finance
Procurement
Corporate Services
Claims Processing
Underwriting
Customer Service
Contract Management
Insurance Administration
Relevant Roles
Chief Risk Officer
Insurance Manager
Compliance Officer
Legal Counsel
Risk Manager
Operations Director
Contract Manager
Claims Manager
Underwriting Manager
Financial Controller
Corporate Services Manager
Procurement Manager
Shariah Compliance Officer
Business Continuity Manager
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