SAMA issues insurance policy of professional indemnity for auditors

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) issued today, July 18, the standard insurance policy of professional indemnity for auditors in entities supervised by the Capital Market Authority (CMA).

The policy has been prepared in collaboration with CMA, the central bank said in a statement.

This step comes with the aim of unifying the minimum limit required to be fulfilled by the insurance policy, as well as reiterate the concept of sustainability, reducing potential risks in the financial market.

Additionally, it intends to protect the rights of all parties to the insurance relationship, as part of the bank's efforts to guarantee the rights of the parties and support the growth and development of the insurance sector.