The insurance broker may place an application to the Insurance Authority to discontinue working according to the following terms:
Submit a written application indicating therein reasons of work discontinue.
The period of discontinuation shall not exceed one year.
The application shall be decided on by the Director General by acceptance or rejection. His decision shall be deemed final.
The broker shall make the necessary procedures of following up the transactions originated prior to the discontinuation in order to protect interests of the client and the insurance companies.
In case the broker did not resume his operations after the end of the specified period, a notice shall be served on him to resume his work within one month as from date of the notice and in case he did not resume his work, the Director General shall make a decision to write off his registration. The Director General’s decision shall be final.
