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  • Temporary Suspension and Cancellation of the Approval

    • Article (8)

      1. A Company wishing to temporarily suspend the marketing of its insurance policies through the Bank or having an inhibiting condition must submit an application through Electronic Means adopted for this purpose or other means adopted by the Authority for temporary suspension of such marketing. The suspension period may not be longer than (3) months from the date of the approval thereon. It shall be extendable to other similar period.
         
      2. No products may be marketed during the suspension period; and in all cases an application may be submitted through Electronic Means adopted for this purpose or other means adopted by the Authority to resume the marketing before the end of the specified period for temporary suspension, whether the suspension was voluntary or the reasons for such suspension has seized to exist.
         
      3. A Company wishing to completely suspend the marketing through the Bank under an agreement with them, shall submit an application to the Authority in this regard through Electronic Means adopted for this purpose or other means adopted by the Authority.
         
      4. In case the agreement between the Bank and the Company is terminated, the Company shall notify the Authority of such termination through Electronic Means adopted for this purpose or other means adopted by the Authority, within a period of no more than ten working days; and the Authority shall decide to deem the approval void.