Regulatory Alerts2020-11-19
Insurance Authority Board Resolution No. 25 of 2020 on Grievance Procedures for Administrative Fines
The Insurance Authority Board of Directors issued Resolution No. 25 of 2020 to establish formal procedures for appealing administrative fines. The regulation mandates that interested parties submit justified grievances with supporting documentation within 15 days of notification. The Board is required to review these appeals and issue a decision to reject, amend, or cancel the fine within 60 days of submission.
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