Regulatory Alerts2016-04-20
Insurance Authority Board of Directors Resolution No. 12 of 2016 Concerning the Elapse of Disciplinary Sanctions on Insurance-Related Professions
The Insurance Authority Board of Directors issued Resolution No. 12 of 2016 to establish specific timeframes for the expiration of disciplinary sanctions imposed on insurance-related professionals. The resolution mandates that warnings elapse after 60 days of condition regularization, while suspensions expire 180 days after the lifting decision is issued. This regulation supersedes any contradictory provisions and became effective immediately upon publication in the Official Gazette.
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