Regulatory Alerts2015-01-01
Decision of the Board of Directors No. 102 of 2015 on Rules and Regulations for Private Insurance Funds Contracting Management Services Companies and Service Performance Requirements
The General Authority for Financial Supervision issued Decision No. 102 of 2015 to establish the regulatory framework governing the contracting of private insurance funds with licensed management services companies. The Decision mandates that contracted firms be registered with the Authority, possess specific operational and IT capabilities, and secure prior regulatory approval for all contracts and amendments. It further prescribes mandatory contract terms, detailed record-keeping standards for member and partnership registers, and specific service performance requirements to ensure data integrity and accurate reporting.
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