SAMA issues standard PI policy

The Saudi Central Bank (SAMA) has announced the issuance of the standard insurance policy of professional indemnity for auditors of the entities supervised by the Capital Market Authority (CMA), with the cooperation of the CMA.

The standard policy aims to set the minimum acceptable standard that must be met within professional indemnity insurance policy, promote the concept of sustainability, reduce potential risks in the financial market, protect the rights of the entire parties to the contractual relationship and support opportunities for growth and development in the insurance sector.