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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2017/200)
To all banks operating in Palestine
Date: Wednesday, 20 September, 2017
Subject: Insurance of banks with insurance companies.
Please take the necessary legal action regarding the provisions of paragraph (1) of Article (183) of Insurance Law No. (20) of 2005, which stipulates that "insurance shall not be placed with an insurance company outside Palestine on movable and immovable property located in Palestine or on movable property imported into Palestine."
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Switchboard: +970 2 2415310
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Switchboard: +970 8 2844487
Email: info@pma.ps