Regulatory Alerts2013-01-01
Decision of the Board of Directors of the General Authority for Financial Supervision No. 40 of 2013
The General Authority for Financial Supervision issued Decision No. 40 of 2013 to establish the conditions and procedures for the re-registration of insurance intermediaries in the official register. The decision mandates that applicants submit requests within three years of deregistration, observe a mandatory six-month waiting period for deregistrations due to serious errors or regulatory violations, and ensure the deregistration was not related to breaches of trust or honor. It further stipulates that re-registration is granted for a three-year term, requires submission of specific compliance documents, and sets the re-registration fees equal to those for standard renewals.
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