Regulatory Alerts2016-04-20
Insurance Authority Board of Directors Resolution No. (10) of 2016 Concerning Instructions on Regulating the Business of Existing Licensed Composite Insurance Companies
The Insurance Authority Board of Directors issued Resolution No. (10) of 2016 to mandate the complete operational separation of life and fund accumulation activities from property and liability insurance for existing licensed composite insurance companies. This regulation requires the establishment of independent technical, financial, and administrative structures, including separate investment strategies, dedicated staff, and distinct accounting records for each insurance type. Furthermore, the resolution obligates these companies to prepare both consolidated and separate financial statements in strict compliance with the Authority's financial instructions and reporting standards.
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