Circular No 48 for registration of insurance brokers

Article (17)

The Insurance Broker’s Records

1. 
   The insurance broker shall be obliged to maintain duly kept books and records and insert the data and information on the operations he is carrying out in these books and records as the case might be. Further, he shall maintain the documents of these operations as follows:
   

• 
  to insert the following data and information into the records:
  

1. 
   Name and address of the insurance company he is carrying out operations of insurance for as broker.
   
2. 
   Insurance operations carried by him as broker of the company
   
3. 
   Name of the insurance applicant, the insured, the beneficiary, the policy’s date of issue, and the due premiums.
   

• 
  to keep the documents relevant to the following brokerage operations in insurance:
  

1. 
   The memos and correspondence of the broker’s operations
   
2. 
   The insurance policies and their endorsements brokered according to the Regulation herein.
   
3. 
   The serially numbered documents relevant to receipt, payment, entries and settlements and other financial transactions of the insurance brokerage operations carried out by the broker.
   
4. 
   The bank accounts of the insurance brokerage operations carried out by the broker.
   

2. 
   The insurance broker shall maintain the records and documents for five years at least as from date of closing them.
   

3. 
   The Director General shall determine the records and books ought to be maintained by the insurance broker for a period longer than the stated in the preceding paragraph.
   

Article (18)