To practice its activity, the Insurance Broker shall comply with the following:
 

1. Producing of written internal bylaws within (3) months from the date of obtaining the license, and providing the IA with a copy thereof, subject to amendment of such bylaws in accordance with any amendments made to the Law, regulations, instructions, resolutions and circulars issued by the IA and notifying the IA thereof. Such internal bylaws shall include the following data:
    
   1. The documentary cycle to be followed as of the beginning of dealing with a company and client, until the full completion of the insurance transaction.
       
   2. The organizational structure of the Insurance Broker showing the actual functions, responsibilities and powers of directors and other employees working for the Insurance Broker.
       
   3. The relationship between the headquarters of the Insurance Broker and its branches; and determining the powers that the branch is authorized to practice.
       
   4. Correspondences recording system.
       
   5. Internal record-keeping system.
       
   6. Clients' complaints recording system.
       
2. Periodical review and continuous update of the internal control system in a manner to ensure the sound application of the Law, regulations, instructions, resolutions and circulars issued by the IA.
    
3. Producing an Operational Guide for risk management to include the listing and definition of the specific risks that could be encountered and how to address them once realized. The Guide shall be updated and reviewed periodically as appropriate to the nature of the Insurance Broker business and according to the applicable rules in this regard.
    
4. Development of a professional code of conduct for the Insurance Broker employees; and supervising and organizing their undertakings to ensure compliance with the Law, regulations, instructions, resolutions and circulars issued by the IA, especially those related to trust, integrity and conflict of interest.
    
5. When practicing the activity of Insurance Brokerage, the Insurance Broker and their branches shall be independent from any other party in terms of place or organizational, technical or administrational aspects.
    
6. Cooperation and coordination with the internal controller, enabling him/her to perform the assigned tasks and notifying the IA of any violation of the Law or the regulations, instructions, resolutions or rules issued thereunder, or the applicable internal bylaws.
    
7. Not to dismiss the internal controller except by a decision of the board of directors or management board of the Insurance Broker, provided that the IA and the internal controller are notified of the dismissal decision at least (30) working days before such dismissal, explaining the causes and justifications of the dismissal.