Regulatory Alerts2021-01-01
Financial Regulatory Authority Board of Directors Resolution No. (93) of 2021
The Financial Regulatory Authority issued Resolution No. (93) of 2021 to amend its Regulation No. (27) of 2019 regarding the registration conditions for electronic collection companies handling premiums for compulsory motor and fast transport vehicle insurance. The amendment restricts eligible entities to insurance companies, replaces broad terminology with specific references to compulsory motor and transport vehicle premiums, and repeals operational clauses related to vehicle type, capacity, load, and insurance duration. Additionally, it grants existing insurance or brokerage companies a six-month grace period to align their contracts with registered electronic collection firms following the decision's effective date.
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