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Article (16) Duties of the Insurance Agent

IA-BOD-RES 8/2011 Effective from 7/4/2011
  1. The duties of the Insurance Agent shall be as follows:
     
    1. When practicing the insurance business as agent of the Company, adhere to the types and classes of insurance set forth in the registration;
       
    2. When practicing the agency business, observe the conditions and limits set forth in the agency agreement;
       
    3. Includes his/their name and registration number with the IA in all stationary, correspondence and documents thereof;
       
    4. Receive applications for insurance cover and for policy issuance, amendment or cancellation;
       
    5. Receive insurance premiums against signed receipt;
       
    6. Pay any amounts received by the Insurance Agent pursuant to the agency agreement to the principal Company within the period specified in the agency agreement and pay any amounts received from such principal Company to the insured or insurance beneficiaries without delay;
       
    7. Respond to inquiries of an insurance applicant, insured or beneficiary;
       
    8. Receive the exchanged correspondence between the Company on the one hand and the insured and beneficiaries on the other hand concerning compensation claims and other issues;
       
    9. Settle undisputed claims without receiving any consideration in return, follow up the implementation of settlements by the relevant parties, and practice the right of recourse against third parties, when necessary;
       
    10. Immediately notify the IA of any change or amendment in the agency agreement between the Insurance Agent and the Company.
       
  2. The Insurance Agent must deposit all insurance premiums or any amounts received in his/their capacity as Insurance Agent for the Company in a special account in a bank operating in the State. This bank account shall be dedicated only for depositing the funds related to the agency and the payment of amounts due to the Company after deduction of commissions due to the Insurance Agent under the provisions of contract signed between the two parties and after payment of amounts due from the principal Company to third parties. This bank account shall be subject to the control of the auditor appointed for the Insurance Agent.