The Insurance Proposal is a fundamental document in Saudi Arabia's insurance sector, serving as the initial step in establishing an insurance relationship between the insurer and the potential policyholder. This document is essential for compliance with both SAMA regulations and Shariah principles, which govern all insurance transactions in the Kingdom. The proposal captures crucial information about the risk to be insured, including detailed disclosures, risk assessments, and proposed coverage terms. It forms the basis for the insurer's assessment of the risk and determination of premium rates, while ensuring adherence to Islamic insurance principles. The document is designed to meet strict regulatory requirements while providing clarity and transparency in insurance arrangements within the Saudi Arabian jurisdiction.
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1. Proposer Information: Details of the individual or entity seeking insurance, including full legal name, address, and contact information
2. Risk Details: Comprehensive description of the subject matter to be insured and associated risks
3. Coverage Requirements: Detailed specification of the types and extent of coverage being requested
4. Claims History: Declaration of previous claims and incidents relevant to the proposed insurance
5. Declaration: Proposer's confirmation of the accuracy and completeness of provided information
6. Shariah Compliance Statement: Confirmation that the proposed insurance arrangement complies with Islamic principles
7. Premium Details: Proposed premium structure, payment terms, and frequency
8. Disclosure Requirements: Mandatory disclosures as required by SAMA regulations
9. Data Protection Statement: Information about how personal and business data will be handled and protected
1. Additional Insured Parties: Section for listing additional parties to be covered under the policy, used when multiple entities need coverage
2. Special Risk Factors: Detailed assessment of unique or high-risk elements, included for complex or high-risk proposals
3. International Coverage: Details of coverage extending beyond Saudi Arabia, included for businesses with international operations
4. Group Schema: Structure of coverage for group insurance proposals, used for corporate or group insurance arrangements
5. Takaful Participant Agreement: Specific terms for Islamic insurance participation, included when using a Takaful structure
6. Risk Management Procedures: Description of existing risk management systems, included for commercial or complex risks
1. Schedule A - Asset List: Detailed inventory of assets to be insured with values and specifications
2. Schedule B - Coverage Limits: Breakdown of coverage limits and sub-limits for different risk categories
3. Schedule C - Premium Calculation: Detailed breakdown of premium calculations and factors
4. Schedule D - Risk Assessment Report: Technical evaluation of risks and mitigation measures
5. Appendix 1 - Supporting Documents: List of required supporting documentation
6. Appendix 2 - Claims Procedures: Detailed procedures for making claims
7. Appendix 3 - Shariah Certification: Documentation of Shariah compliance assessment and certification
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