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Article (9)

IA-BOD-RES 27/2020 Effective from 18/11/2020

1. The Insurance Producer shall carry out the marketing task between the Company and the Client in order to obtain the insurance coverage required by the client.

2. The Insurance Producer shall not be entitled to fill or sign the insurance application on behalf of the client nor be entitled to receive the insurance premiums due to the company and shall not receive the indemnities due to the client for the purpose of paying it to him.

3. The Insurance Producer shall not be entitled to issue an insurance policy on behalf of the Company or issue an insurance certificate. He shall not be permitted to intervene in the claims submitted by the Client to the Company.

4. The Insurance Producer shall be entitled to receive commission for his production by the company as agreed by the parties once the insurance policy is issued. They shall have an agreement with the Company on payment method and term.

5. The Insurance Producer shall not be entitled to receive a commission, remuneration or any other payment from the Client.

6. The Insurance Producer shall practice the production work by himself and may not delegate another person to perform the operations of the Insurance Producer.

7. The Insurance Producer shall not be permitted to transfer from an insurance company to another unless he provides the Authority with the following:

  • A clearance from the previous insurance company.
  • A letter from the new insurance company containing the Company's approval to authorise him as an Insurance Producer for them.
  • A letter from the Insurance Company for which he worked for stating the termination of the contract between them.
  • An undertaking by the new Insurance Company in accordance with the provisions of paragraph (4) of Article (6) of the Instructions herein.
  • The Insurance Producer shall be prohibited to leak insurance covers that he has previously marketed for an insurance company to the new insurance company in a direct or indirect way.