Regulatory Alerts2017-01-01
Circular No. 200 Insurance of Banks with Insurance Companies
The Palestine Monetary Authority issued Circular No. 2017/200 to enforce Article 183(1) of Insurance Law No. 20 of 2005 regarding asset coverage. The directive mandates that all banks operating in Palestine must not place insurance on any movable or immovable property located within the country, nor on movable assets imported into Palestine, with any insurance company domiciled outside Palestine. Banks are required to take immediate legal action to ensure full compliance with this domestic insurance placement restriction.
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