Regulatory Alerts2023-01-01
Decision of the Chairman of the Authority No. 1436 for 2023 Regarding the Formation of a Committee to Review Implementation of Council Decision No. 122 for 2014 on Insurance-Reinsurer Interaction Regulations
The Financial Regulatory Authority issued Decision No. 1436 for 2023, establishing a specialized committee chaired by the Authority's Deputy Chairman to review the implementation of Council Decision No. 122 for 2014 regarding insurance-reinsurer interaction regulations. The committee is authorized to evaluate applications from domestic and foreign insurers, decide on their registration or removal from the official reinsurer list, and block approvals for non-compliant interactions. This decree mandates immediate enforcement by relevant departments and grants the committee the discretion to appoint external experts as non-voting advisors.
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