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Article (5) - Records for Agents

IA-BOD-RES 25/2014 Effective from 28/12/2014
  1. The agent shall keep records for all the data, information and documents related to the insurance agency business he is practicing on behalf of the Company or any of its branches, as the case may be, including the following:
     
    1. Name and address of the Company or any of its branches he is practicing the insurance business for;
       
    2. A copy of the agency agreement concluded between him and the Company;
       
    3. Memos and correspondences related to his business;
       
    4. The proposals received on behalf of the Company or any of its branches;
       
    5. Name of the proposer of insurance, the insured and the beneficiary, as well as the date of issuance and the premium collected in respect thereof;
       
    6. Where the agent is entitled to underwrite and issue policies on behalf of the Company, the agent shall document insurance policies and their endorsements concluded by him on behalf of the Company or any of its branches;
       
    7. A copy of insurance policies that the policyholder concludes with the Company;
       
    8. Records with serial numbers related to collecting, paying, recording, settling claims and any financial transactions regarding the insurance agency business practiced; and
       
    9. Bank records regarding the insurance agency business practiced.
        
  2. The records referred to above shall be in the form of originals, or in any other form of electronic archiving systems.
     
  3. The agent shall keep the records along with the backups for a period of not less than those stated in the insurance agent's regulations.
     
  4. The agent shall maintain records beyond the normal statute of limitation periods as stipulated in the insurance agent's regulations, when the records are subject to ongoing investigations or prosecution in court, until such records are no longer needed.
     
  5. The Authority may assign an employee(s) or appoint an external party to inspect, at appropriate times, the records of the agent. The agent shall have all his records available and cooperate with the employee(s) or the external party so that they can fully perform their duties. The agent shall bear all the expenses for the external party as decided by the Authority, unless the Authority deems otherwise.