Regulatory Alerts2013-01-01
Circular No. 95: Special Bank Stamps
The Palestine Monetary Authority issued Circular No. 95 to permit insurance companies to use electronic stamps for vehicle insurance policies, contingent upon banks implementing robust supervisory controls to mitigate operational risks. The directive mandates that all agreements with insurers must secure prior regulatory approval, define stamp usage limits, assign legal liability for misuse or loss, enforce daily cash reconciliation, and designate Palestinian courts for dispute resolution. Additionally, the electronic stamps must meet strict technical specifications—including mechanical operation, cash-receipt indicators, timestamps, electronic amount display, policy number codes, serial numbering, and distinct bank branding—while allowing banks to charge a maximum commission of 2 NIS per stamped policy.