Regulatory Alerts2014-01-01
Financial Regulatory Authority Board Decision No. (152) of 2014
The Financial Regulatory Authority (FRA) issued Board Decision No. 152 of 2014 to amend its previous brokerage rules by replacing Articles 13, 15, and 26 of the Insurance Brokerage Activity Rules. The amended provisions mandate strict supervisory controls, requiring brokerage firms to maintain detailed transaction records, submit audited financial statements and annual commission reports, and notify the regulator of any managerial or structural changes at least 15 days in advance. Additionally, the decision enforces stringent qualification criteria for managing directors and brokers, prohibits individual production registration under employee names, and establishes disciplinary measures including warnings, suspensions, and deregistration for non-compliance.