Document background
The Insurance Declaration Form is a crucial document required by Saudi Arabian insurance regulations for establishing insurance coverage relationships. This form must be completed prior to the issuance of any insurance policy in Saudi Arabia and serves as the primary basis for risk assessment and policy underwriting. The document ensures compliance with the Law on Supervision of Cooperative Insurance Companies and its Implementing Regulations, as well as SAMA's insurance governance requirements. It captures essential information about the insured party, risk factors, insurance history, and specific details relevant to the type of insurance being sought. The declaration form is designed to support the cooperative insurance model mandated by Saudi law and includes necessary provisions for consumer protection and transparency.
