Regulatory Alerts2013-01-01
Circular 123: Instructions for Licensing Banking Insurance Activities Issued by the Palestine Capital Market Authority
The Palestine Capital Market Authority, in coordination with the Palestine Monetary Authority, issued Instructions No. 17/2013 to regulate and license banking insurance activities, permitting banks to act as agents for specific insurance companies upon prior regulatory approval. The regulations mandate that banks establish separate insurance data systems, appoint Authority-approved managers and staff meeting strict educational, experiential, and examination criteria, and formalize operational agreements with partner insurers detailing commissions and conduct rules. Furthermore, the instructions outline comprehensive procedures for license applications, annual renewals, branch expansions, suspension or revocation conditions, and mandatory reporting of personnel or operational changes to both financial regulators.