Should it appears for the Insurance Authority that the broker violated the provisions of the law, the Regulation herein, or any of the regulations, rules and resolutions issued by virtue of the Law, the Director General shall have the right to impose the following disciplinary penalties:
Serve a written notice on the broker on the incurred violations and necessity of remedying the situation according to the procedures and within the period determined by the Director General.
Suspend the broker from practicing the profession for a period not to exceed six months and in case of repeating the violation such period shall be doubled.
Cancel the broker registration.
If the broker did not remedy the situation as required according to paragraph (a) and (b) above, the Director General shall have the right to cancel the broker’s registration.
The cancellation shall become compulsory in case the broker committed three violations of the Law, the Regulation herein or any of the regulations, rules, and resolutions issued by virtue of the Law.
Penalties imposed by the Director General shall be without prejudices to the civil or penal liabilities determined by the Law or the related legislations.
