Book traversal links for Article (2)
Article (2)
Effective from 15/10/2019First: Insurance companies shall apply for licensing the insurance product to the Authority electronically, according to the form prepared for this purpose, containing all the papers, data and documents related to the product. As well as, the illustrations, tables and the like, in accordance with the following types:
- Insurance of Persons and Funds Accumulation Operations, including the following:
- Insurance policy in Arabic;
- Insurance policy in English;
- Specification Table in Arabic;
- Specification Table in English;
- Application Form in Arabic;
- Application form in English;
- Claim Form in Arabic;
- Claim Form in English;
- Illustrations Form;
- Electronic Spreadsheet;
- Detailed report of the Actuary in accordance with the legislation in force;
- Signed reinsurance arrangements;
- Product marketing materials;
- Description of the policy management system;
- Any other documents or data that may be deemed relevant.
- Types of Property and Liability Insurance including:
- Insurance policy in Arabic.
- Insurance policy in English.
- Specification Table in Arabic.
- Specification Table in English.
- Certificate of the Actuary, including his endorsement of the technical bases and the premium rates.
- Application Form in Arabic.
- Application form in English.
- Claim Form in Arabic.
- Claim Form in English.
- Signed reinsurance arrangements;
- Product marketing materials;
- Any other documents or data that may be deemed relevant.
Second: Annexing a certificate by the Company's Compliance Officer of AML/CFT in insurance activities, including his study and assessment of the risks associated with the product and the inclusion of the company's internal controls for the basis of the management of these risks.
Third: Providing an undertaking stating that the product does not conflict with the legislations in force in the State.
Fourth: Any other data or documents requested by the Authority.