Whoever practices the insurance brokerage business must rectify their status in accordance with these Regulations within a maximum period of one year from the date it takes effect.
The IA shall collect the prescribed fees for any procedures or services provided by the IA according to the provisions of the Law, regulations or resolutions issued thereunder.
Without prejudice to the procedures stipulated in the Commercial Companies Law, in case of a voluntary or mandatory liquidation of an Insurance Broker, such liquidation shall be under the supervision of the IA.
It is prohibited to deal with any person practicing insurance brokerage business without a license from the IA pursuant to the provisions of these Regulations.