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  • Suspension and Cancellation of the license

    • Article (8)

      1. The insurance Company that wishes to temporarily stop the operations of the Point of Sale or has a reason to prevent it from practicing its operations therewith must submit an application to the Insurance Authority requesting to suspend the operations of the Point of Sale , in the meanwhile continuing its operations until the decision of the Authority is issued. The Authority may reject the request for suspension or approve it after fulfilling all the requirements it deems appropriate to achieve the interests of the parties, companies, customers and beneficiaries, provided that the suspension period shall not exceed 3 months from the date of its approval and may be extended for another similar period. The Point of Sale should continue adhering to the conditions and the requirements that the Authority deems necessary for the continuation of its license.
         
      2. The Point of Sale shall not resume its operations during a period of suspension. In all cases, the Point of Sale is entitled to request re-engage in the activity before the expiration of the period specified for the temporary suspension whether it was optional or after the deterring reason has ended.
         
      3. The Company that wishes to permanently stop practicing its operations through the Point of Sale , must submit a request to the Authority to do so, while continuing to perform its operations until it fulfills all the requirements determined by the Authority for the cancellation of the license and issuing the decision of the Authority thereon and publishing such decision in two widely circulated local daily newspapers, one in Arabic and the other in English at the expense of the insurance Company. This should be after the settlement of all transactions of the Point of Sale, ensuring that there are no obligations towards the Authority, or towards the entities, companies, clients or beneficiaries arising from the practice of its activities.