Saudi Arabia: Central Bank Issues Standard Insurance Policy of Professional Indemnity for Auditors of Entities Regulated by Capital Market Authority

Saudi Arabia: Central Bank Issues Standard Insurance Policy of Professional Indemnity for Auditors of Entities Regulated by Capital Market Authority News developments

Saudi Arabia: Central Bank Issues Standard Insurance Policy of Professional Indemnity for Auditors of Entities Regulated by Capital Market Authority

Saudi Arabia’s Central Bank has announced it has issued a standard professional indemnity insurance policy for auditors of Capital Market Authority supervised entities.

The Standard Policy aims to set the minimum acceptable standard which must be met within the professional indemnity insurance policy, promote the concept of sustainability and reduce potential risks in the financial market.

It also aims to protect the parties’ rights to the contractual relationship and support opportunities for growth and development in the insurance sector.

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Benjamin Filaferro