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Assignment And Agreement Form (Insurance) Template for Saudi Arabia

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Key Requirements PROMPT example:

Assignment And Agreement Form (Insurance)

"I need an Assignment and Agreement Form (Insurance) to transfer my corporate health insurance policy from my old company to my new company following an acquisition, with the transfer to be effective from March 1, 2025, ensuring compliance with SAMA regulations."

Document background
The Assignment And Agreement Form (Insurance) is a crucial document used in Saudi Arabia when transferring rights, benefits, and obligations under an insurance policy from one party to another. This document is essential in situations such as corporate restructuring, policy transfers between related parties, or when using insurance policies as collateral for financing. The form must comply with the Law on Supervision of Cooperative Insurance Companies, SAMA regulations, and Shariah principles. It includes comprehensive details about the insurance policy being assigned, the parties involved, consideration for the assignment, and necessary regulatory approvals. The document is particularly important in the Saudi Arabian context due to the unique requirements of Islamic finance and the specific regulatory framework governing insurance operations in the Kingdom.
Suggested Sections

1. Parties: Identification of the Assignor (current policyholder), Assignee (new policyholder), and the Insurance Company

2. Background: Context of the assignment, including details of the original insurance policy and reason for assignment

3. Definitions: Definitions of key terms used in the agreement, including Policy, Assignment Date, Effective Date, and Premium

4. Assignment: Core terms of the assignment, including what rights and obligations are being transferred

5. Consideration: Details of any payment or consideration for the assignment

6. Representations and Warranties: Statements by both Assignor and Assignee about their capacity to enter into the agreement and the status of the policy

7. Regulatory Compliance: Confirmation of compliance with SAMA regulations and Shariah principles

8. Insurance Company Consent: Acknowledgment and consent of the insurance company to the assignment

9. Effective Date and Conditions: When the assignment takes effect and any conditions that must be met

10. Governing Law and Jurisdiction: Confirmation of Saudi Arabian law as governing law and jurisdiction for disputes

Optional Sections

1. Premium Payment Arrangements: Used when there are ongoing premium payments to be addressed - specifies who will be responsible for future premium payments

2. Beneficiary Designation: Used in life insurance assignments when beneficiary arrangements need to be modified

3. Security Interest: Used when the assignment is for security purposes rather than absolute assignment

4. Claims Process: Used when specific arrangements for handling ongoing or pending claims need to be addressed

5. Regulatory Approvals: Used when specific regulatory approvals are required based on the type or value of policy being assigned

6. Zakat Considerations: Used when the assignment has implications for Zakat calculations and payments

Suggested Schedules

1. Schedule 1 - Insurance Policy Details: Complete details of the insurance policy being assigned, including policy number, type, coverage amount, and current terms

2. Schedule 2 - SAMA Compliance Form: Standard regulatory form required by SAMA for insurance policy assignments

3. Schedule 3 - Identification Documents: Copies of required identification documents for both Assignor and Assignee

4. Schedule 4 - Premium Payment Schedule: Details of any outstanding or future premium payments

5. Appendix A - Consent Forms: Standard forms required for various consents, including insurance company consent

6. Appendix B - Shariah Compliance Certificate: Certificate from appropriate authority confirming compliance with Shariah principles if required

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
































Clauses


























Relevant Industries

Insurance

Banking and Financial Services

Legal Services

Islamic Finance

Risk Management

Corporate Services

Healthcare Insurance

Property Insurance

Commercial Insurance

Life Insurance

Relevant Teams

Legal

Compliance

Risk Management

Insurance Operations

Policy Administration

Corporate Secretariat

Shariah Advisory

Regulatory Affairs

Documentation

Claims Processing

Relevant Roles

Insurance Manager

Legal Counsel

Compliance Officer

Risk Manager

Insurance Broker

Corporate Secretary

Financial Controller

Shariah Compliance Officer

Policy Administration Manager

Claims Manager

Underwriting Manager

Insurance Operations Director

Legal Documentation Specialist

Regulatory Affairs Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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