The act of writing a registration of a broker off the Insurance Authority’s register shall be as follows:
A notice in two daily newspapers (one in Arabic and the other in English) issued in the State shall be published on the intention to write the broker off the register calling those opposing the writing off or those incurred damages from such an action to lodge their opposition to the Insurance Authority within one month as from date of publishing the notice.
Following the expiry of the one month period and in case of resolving all the oppositions lodged to the Insurance Authority, the Director General shall make a decision to write off the registration and the broker shall be advised as so by a registered letter with acknowledgment receipt as well the companies and the pertinent authorities shall be informed of the writing off decision.
A broker written off the register shall have no right to request be re-registered in the register except after lapse of three years as from date of issuing the writing off decision unless such action been affected according to the provisions of paragraph (3) of Article (20) of the Regulation herein as the broker shall not be re-registered.
Should a decision been made to write the insurance broker off the register, the broker shall be obliged to fulfill the duty related to the transactions originated prior to the date of issuing the writing off decision in order to finalize all the incurred liabilities or transfer the operations under brokerage to another insurance broker(s) by approval of the client and the insurance company and shall advise the Insurance Authority of details of the transfer operations. However, such transfer shall not be valid unless approved by the Insurance Authority. The Insurance Authority shall have the right to oppose the transfer in case it appears that the transfer offer would threaten the interests of the insured.
