Whilst much has been written about the responses of Property Damage and Business Interruption Coverages to COVID-19, we should not lose sight of institutions’ other insurance policies in the light of the current situation. Why so?
Many KSA regulators are expecting institutions under their supervision to exercise enhanced standards of governance, not only from a public health point of view, but to preserve the financial integrity of businessES. The Saudi Arabian Monetary Authority (SAMA) has imposed enhanced requirements. Following the outbreak of COVID-19 in December 2019, SAMA ramped up its monitoring of the market and “required institutions to prudentially manage risks posed by a widespread (sic.) of COVID-19”. So, what was required of regulated institutions:
- All institutions are now required to establish a formal, internal, COVID-19 committee (the Committee) to ensure that a risk management plan is developed in a timely manner and that is implemented, if and when required. The Committee is required to adopt a cross-disciplinary approach and should, therefore, address human resources, business continuity management and risk management functions. These should all to…
