Article (23)
FED LAW 6/2007 Effective from 15/2/2007The Board shall issue on a recommendation by the Director General the bylaws, regulations, instructions and decisions pertinent to the insurance operations including:
- The Solvency Margin and the Minimum Guarantee Fund, provided the same shall not be less than one third of the Solvency Margin taking the international standards into consideration,
- The basis of calculating the Technical Provisions,
- The Re-insurance criteria,
- The basics of investing the Company’s assets,
- Determining the company's assets that meet the accrued insuring obligations.
- The accounting policies to be adopted by the company and the requirired forms to prepare reports, financial statements and presentation thereof.
- The principles of organizing accounting books and records of each of the companies, Agents, and Brokers and determining the data to be contained in these books and records.
- The records which the company shall be obliged to organize and maintain as well as the data and documents shall be made available to the Authority.
- The rules of professional practice and code of ethics
- Anti-Money laundering and combating terrorism financing in the insurance activities in collaboration with the pertinent bodies.
- The rules governing ownership in insurance companies’ capitals, pursuant to the provisions of the Federal Law pertinent to Commercial Companies.
Article (23) bis (1)
The Authority may compel those practicing insurance activities of certain types and classes, but not others, and determine the terms, conditions and applicable tariff rates, as well as regulating the rights and obligations of the related parties.
Article (23) bis (2):
The Authority may establish funds that have independent legal personality for the purpose of protecting and compensating persons. The Board shall issue a decision to determine how to establish these funds, their objectives, funding, as well as risks covered under these funds, and benefits in case those risks have occurred
The Board shall issue on a recommendation by the director general the instructions pertinent to the insurance operations including:
- The solvency margin and the minimum guarantee fund, provided the same shall not be less than one third of the solvency margin taking the international standards into consideration,
- The basis of calculating the technical provisions,
- The standards of re-insurance,
- The basics of investing the rights of the policyholders,
- Determining the company's assets that meet the accrued insuring obligations.
- The accounting policies to be adopted by the company and the necessary forms needed to prepare reports and financial statements and presentation thereof.
- The principles of organizing accounting books and records of each of the companies, agents, and brokers and determine data to be inserted in these books and records.
- The records which the company shall be obliged to organize and maintain as well as the data and documents shall be made available to the Authority.
- The profession's rules and code of conduct.
- Anti-money laundering and terrorism financing in the insurance activities in collaboration with the pertinent bodies.