Al Alamiya for Cooperative Insurance Company announces signature of an agency agreement with Riyad Company for Insurance Agency (a subsidiary of Riyad Bank) on Monday 20/09/1434H corresponding to 29/07/2013G. Under the terms of the agreement Riyadh Company for Insurance Agency is to market and sell company s insurance products for companies and individuals. The company will remunerate the agency through commissions on the Gross Written Premium as per the guidelines issued by SAMA with this regard.
The Company expects a positive impact on its gross written premium through Riyad Company for Insurance Agency for the remaining period of the current calendar year of the agency agreement.
The duration of the contract is of one year renewable.
Riyad Company for Insurance Agency is a subsidiary of Riyad Bank. Riyad Bank is a shareholder of Al Alamiya for Cooperative Insurance Company and is represented by 2 members in the Company s Board of Directors.
The contract will be submitted to the next General Assembly meeting for approval by the company s shareholders.
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