The new draft Regulation focused on the manager in charge and the specialists working for the broker instead of focusing on the companies’ shareholders as the shareholders are the financiers but the insurance operation is carried out by the manager in charge or the technical expertise. Accordingly, new requisites have been introduced as to education and technical experience. Further, each one of the specialists should pass the test conducted by the Insurance Authority in the legal, technical and financial aspects of the insurance operations and insurance brokerage. Since, those specialists deserve remunerations that suit their qualifications, the insurance broker should be financially solid to attract them and this is the reason behind increasing the minimum capital required for a broker.
In the field of financial warranties, material changes have been introduced in the new draft regulation as follows:
