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Article (44): Cases of the Company’s Suspension

The Governor may suspend the Company from carrying out one or more types of insurance for a period not exceeding one year, while notifying both the Company and the relevant authority of the suspension decision, in any of the following cases:

1)

In case the Company violates the provisions of this Decree-Law or the resolutions, regulations, or instructions issued thereunder;

2)

In case the Company lacks of any of the conditions required to be fulfilled in the license under the provisions of this Decree-Law;

3)

In case the Company fails to carry out business in any type of insurance covered by the license, or ceases to carry out such business for one year;

4)

In case the Company is unable to fulfill its financial obligations; and

5)

In case the Company refrains from implementing a final court judgement related to the Insurance Policy;

The Company that has been suspended from carrying out one or more types of insurance shall implement its obligations that had been arisen before the suspension decision is issued.