1. In the event of any violation listed hereunder committed by an Insurance Consultant, the Authority shall take the procedures and apply the penalties set forth in this Article:

a. Breaching laws, Regulations, Instructions, or Decisions issued by the Authority.

b. Failure to perform his duties in the manner legally and professionally required.

c. Losing any one of the conditions based on which the license was granted.

d. Failure to renew his registration in accordance with the provisions of Article (9) of this Regulation.

e. Disclosing any information pertinent to the client which he became aware of during performing his professional undertakings.

2. In the event any of the violations listed in Paragraph (1) herein is substantiated with evidence satisfactory to the Authority, the Director General shall have the right to apply any of the following procedures and penalties:

a. Warn the Insurance Consultant of taking the appropriate measures to rectify his position within a specific period of time.

b. Suspend his license for no more than six months, and in case he repeats the violation, the period of suspension shall doubled, along with notifying all insurance companies of such decision.

c. In case of failure to rectify his position within the specific period, the decision to cancel the license shall be taken, and all insurance companies shall be notified of such decision.

d. In the event the Insurance Consultant's license is cancelled pursuant to the provision of this Article, the Insurance Consultant may not submit a new application for license before the lapse of two years from the date of issue of the cancellation decision.

3. The decision of the Authority to cancel the license or write off the Register may be appealed within (30) days from the date of notification thereof to the Board of Directors of the Authority whom shall decide on the appeal within 45 days from submitting the complete appeal, and the Board's decision shall be final.

1. The Insurance Consultant shall keep regular records of the insurance consultancy operations performed by him, and retain them for ten years.
2. The Consultant may keep the regular records in electronic form.
3. The (Corporate Person) Insurance Consultant shall prepare audited annual financial statements and provide the Authority with a copy thereof within three months of the end of the fiscal year.

The Consultants who are registered with the Authority at the time the provisions of this Regulation entered into force shall rectify their position within six months from the date it entered into force, otherwise the registration of those who failed to rectify their position will be cancelled.

The Ministerial Resolution No.(23) of 1985, concerning the Regulation of the Insurance Consultancy, , and the amendments thereof shall be repealed.

The Authority shall collect the prescribed fees for the procedures and services it performs in accordance with the provisions of the law, regulations, instructions or decisions issued pursuant thereto.

The Director General shall issue decisions and circulars as required for the implementation of these Regulation.

This Regulation shall be published in the Official Gazette and shall come into force from the next day of its publication.