Before submitting an application to obtain the approval of the Insurance Authority to practice electronic insurance operations, Companies shall develop a specific action plan for electronic insurance operations, approved by the company’ board of directors, or signed by the owner of the Sole Proprietorship or signed by the same person, in the event that he is a natural person or Sole Proprietorship, as appropriate, prior to submitting it to the Authority. This plan shall include but not limited to the following:

1. An analysis of the projected volume of electronic insurance operations for the next three years;
2. An analysis of the risks associated with electronic transactions and the necessary precautionary measures and procedures to mitigate those risks, including, but not limited to – risks of cyber security, risks of adverse selection, money-laundering and terrorist financing offenses in insurance activities, strategic risks and illegal access to the website.
3. A contingency plan, including the actions that should be taken in case one or more element of the electronic or smart system are disrupted. The plan should include the corrective measures to ensure continuity of business, and reporting to the authorised officials within the company and the Authority.