In case of dispute arising from the brokerage operations in insurance between the insurance company and the insurance broker or between the insurance broker and the client, the dispute shall be referred before seeking judicial ruling to the Insurance Authority to attempt to find a compromise.
Each entity carrying out brokerage operations in insurance upon putting the provisions of the Regulation herein into effect shall adjust its status according to the provisions of the Regulation herein within a period not to exceed one calendar year as from date of putting the Regulation herein into effect.
The Insurance Authority shall charge the prescribed fees against any of the procedures the Insurance Authority is making according to the provisions of the Law and the regulations issued by its virtue.
The provisions on the insurance broker issued by the Minister of Economy’s decree No (543) of 2006 on Organization of Practicing the Insurance Brokerage Profession shall be annulled.
The Director General shall issue the necessary decisions to put the provisions of the Regulation herein into effect.
