Regulatory Alerts2021-01-01
Chairman's Decision No. (1915) of 2021
The Financial Regulatory Authority issued Decision No. 1919 of 2021 to amend and add specific articles to the bylaws of the Compulsory Civil Liability Insurance Association for rapid transport vehicles. The decree replaces provisions regarding the General Assembly, Administrative Committee, and financial reporting timelines while introducing new rules for technical provision calculations, committee allowances, and corporate tax obligations. It mandates that member insurance companies accurately record compulsory vehicle insurance revenues and expenses in their accounts and annual tax returns, with the Group bearing related corporate income taxes.
Share