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  • Penalties

    • Article ( 16)

      1. In case of a violation against the provisions of the law, regulations, instructions, decisions, or circulars issued thereunder, the Authority may impose the following penalties on the Company:
         
        1. Send a warning to the Company in order to remove the reasons of violation and take the corrective measures to ensure non-recurrence of the violation in the future.
           
        2. Suspend the approval to market insurance policies through the Bank for a period of no more than one year, provided that the Bank is notified of any penalties set forth herein.
           
      2. The Authority may cancel the approval granted to the Company in any of the following cases:
         
        1. Discontinue meeting one of the conditions of approval as provided under these Instructions.
           
        2. Breach by the Bank of any obligation or commitment in the laws, regulations, instructions and decisions pertaining to marketing insurance policies through Banks, upon coordination with the Central Bank concerning the aforementioned breach.
           
        3. Failure to renew the granted approval.
           
        4. Issuance of a final court judgment declaring the Bank Bankrupt.
           
        5. Dissolution and liquidation of the Bank.
           
        6. In case it becomes evident that the approval was based on inaccurate information or data, or upon an unfulfilled undertaking in the view of the Authority.
           
      3. If the approval is cancelled, no application for approval may be submitted by the Company before the lapse of two years from the date of issuing the decision of cancellation.