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  • General Provisions

    • Article (2)

      1. The provisions of these Instructions shall apply to all insurance companies operating in the State who wish to market their polices through Banks.
         
      2. Except where the Law provides otherwise, the provisions of these Instructions shall not apply to companies operating in free zones within the State.
         
      3. No Company may market insurance policies through a Bank or authorize them to market insurance policies for its account except after obtaining the approval of the IA according to the principles and stipulations under these Instructions and the legislations issued by the IA.
         
      4. The contractual relationship between the Company and the Bank may not include any form of insurance agency, insurance brokerage, insurance consultancy or any insurance-related profession; it shall only be limited to establishing a marketing channel.
         
      5. The Company may enter into contractual relations with a view to market its insurance policies with one Bank, or more.
         
      6. The Company may not authorize the Bank to market its policies to persons who are not customers of the Bank.