The broker shall be suspended from practicing the insurance brokerage profession in the following cases:
Dealing with an insurance company not registered in the insurance companies’ register.
Delaying payment of his financial liabilities according to his agreement with the insurance company for a period exceeding three months as from their due dates.
Assigning his registration to another person or renting out his main office or branches licensed to operate in the State.
Non-renewing his registration with Insurance Authority within thirty days as from the expiry date of registration.
Violating the Law in force or the Regulation herein or the resolutions organizing the insurance brokerage profession.
The Director General shall make a decision to suspend the broker from practicing the profession and inform the companies and the relevant bodies as so.
The broker shall not practice the brokerage profession during the period of suspension and shall remain liable for the liabilities accrued on him as a result of his operations prior to the date of issuing the suspension decision.
In case the broker remedies reason led to such suspension in a way according to the Insurance Authority’s own discretion removed the reasons led to the suspension, the broker shall request resumption of his operations within three months as from date of issuing the suspension decision, otherwise the Insurance Authority shall take the procedures to write his registration off the register of the insurance brokers.
