Circular No 48 for registration of insurance brokers

Article (6)

Registration Procedures

1. 
   The Insurance Authority upon submission of the application shall:
   

1. 
   Register the application in the relevant record and endorse it with a number and date of submission.
   
2. 
   Hand the applicant a receipt containing name of the applicant of registration, the subject matter, the registration number, its date and list of the attached documents.
   

2. 
   Should the Insurance Authority find the registration application not meeting any of the requisites, the required particulars or documents, the applicant shall be advised by a registered letter or direct delivery to meet same within two months as from date of notice and should he fails to act as so within the stated period, the application shall be deemed cancelled by law and the applicant shall not submit any other application before lapse of three months as from date of such cancellation of the application.
   
3. 
   The application shall be considered and evaluated within (30) days at most as from date of submission and thereafter such application shall be referred to the Director General coupled with the opinion of the pertinent department of the Insurance Authority.
   
4. 
   The Director General may accept or reject the registration application in light of what he sees suitable to the market needs and necessities of the public interest.
   
5. 
   In case of accepting the application, the applicant shall be advised as so and requested to submit the documents of the financial guarantees within fifteen days as from date of advice.
   
6. 
   Following accomplishment of the documents submission procedures, the broker shall be registered in the register and given registration certificate of an insurance broker according to the particulars and information stated in the register.
   
7. 
   Duration of the broker’s registration shall be one year subject to annual renewal.
   
8. 
   The broker shall be committed to carry out his operations within six months as from date of registration.
   
9. 
   Should the registration being done on basis of incorrect documents and information and same not corrected within a period determined by the Director General, the registration shall be cancelled by decision of the Director General.