Regulatory Alerts2021-09-26
Added · Updated
Instructions No. 1 of 2008 Regarding Licensing of Banking Insurance Activities and Their Regulation and Supervision
The Insurance Commission mandates that banks obtain a license to conduct banking insurance activities on behalf of insurance companies, requiring the establishment of a dedicated unit with a certified manager and at least one certified employee. The regulations specify strict qualification criteria for personnel, including educational degrees, practical experience, and passing Commission assessments, while limiting banks to a maximum of two insurance companies unless an exception is granted for motor vehicle liability insurance. Banks must submit detailed applications including work programs, training plans, and signed agreements with insurers, with the Director General empowered to approve or reject licenses based on sector impact and compliance with procedural deadlines.