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  • Considering the Application for Approval to Market Insurance Policies

    • Article (6)

      1. The IA shall issue its decision to approve or reject the application within a period of 20 working days from the date of submitting the complete application. The Authority may make its approval subject to the satisfaction of the requirements or restrictions it decides, or suspend its approval for public interest considerations, for the period it deems appropriate.
         
      2. The Insurance Company shall have the right to appeal the decision to reject the application to the Board within thirty days from the date of notification thereof. The decision of the Board on the appeal shall be final.
         
      3. If the Board denied the appeal submitted in accordance with Section (2) of this Article, no new application for marketing through the same Bank may be submitted before the lapse of six months from the date of notification of the Board’s decision.