The insurance broker shall abide by the directives on anti-money laundering and combating terrorist financing issued by the Insurance Authority and the other official bodies.
The insurance broker shall be obliged to submit to the Insurance Authority within one month as from the end of each fiscal year copy of the movement of the account’s entries referred to in paragraph (2) of Article (8) of the Regulations herein approved by a licensed auditor.
The insurance broker shall be obliged to affect separation between his own accounts and the accounts of the clients and company he is brokering for.
The account of the financial transactions of the brokerage operations shall be assigned only to these operations and exclusively be used for the following:
Depositing the premiums paid by the clients.
Depositing the amounts received from the clients in respect of the insurance operations.
Depositing the amounts received from the insurance companies to pay the clients.
Withdrawing the commissions due to the broker as a result of his effort to execute brokerage operations after getting the insurance company approval to deduct them from the accounts.
The broker shall not get any interests against the amounts deposited in the brokerage account and as well shall not maintain these amounts in a form of fixed deposits or get credit facilities or bank loans backed by these amounts.
