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Article (14) Suspension of the Business

IA-BOD-RES 8/2011 Effective from 7/4/2011
  1. Cases of suspending the Insurance Agent from practicing the agency business shall be as follows:
     
    1. a. Under an application submitted by the Insurance Agent to stop practicing the business thereof using the form prepared by the IA for this purpose;
       
    2. b. Termination or expiry of the term of the agency agreement signed between the Agent and the Company and non-renewal thereof.
       
  2. The Director General shall issue a decision to suspend the Insurance Agent from practicing the business which shall be notified to the competent authorities.
     
  3. The Insurance Agent may not practice the agency business during the period of suspension of the registration thereof. The Insurance Agent shall remain responsible for the obligations resulting thereon or obligations arising from the business thereof before the date of issuing the suspension decision.
     
  4. The term of the Insurance Agent registration shall be rescind or terminated if the suspension causes have not been addressed within six months as of the date of suspension.