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Third: The Disclosures of the Insurance Companies and the Insurance-Related Professionals

Effective from 30/4/2020
  1. The insurance companies and the insurance-related professionals shall provide the interim and annual financial and technical statements and reports according to the provisions of Federal Law No 6 of 2007 on the Establishment of the Insurance Authority and the Regulation of its Operations as amended and the regulations, instruction, decisions and circulars issued thereunder.
  2. The insurance companies and the insurance-related professionals shall as far as applicable to the nature of their operations and their legal forms as appropriate inform and provide the Authority with:
    1. The convocation of the ordinary and extraordinary general meetings of the Company at least 15 days prior to the date of the general meeting.
    2. The minutes of the general assembly within 7 days as of the date of the general meeting.
    3. The dates and timings of the board meetings of the company in which this board will discuss decisions of the company which would affect the policy holders and beneficiaries such as the dividends, bonus shares, capital increase or reduction and the approval for new investment policies at least 2days prior to the date of the meetings provided that they shall present there solutions carried in this regard after the approval of the board immediately once they are carried.
  3. The insurance companies and the insurance-related professionals shall inform and provide the Authority with:
    1. All information and data provided by the company to any other regulatory authority and any data or information received by the company from such authorities within 2 working days.
    2. The changes in the company’s administrative structure at the level of the board and the executive management.
    3. All or any substantial developments in the company at the level of the board and the executive management that would affect the financial conditions or the policyholders or beneficiaries once they occur such as the catastrophes, fire, merger, issuance of new securities, suspension of one of the production lines, voluntary liquidation and the cases filed by or against the company that would affect its financial position and expose it to serious loss whereby its chairman or the general manager must immediately inform the Director General within one business day.
  4. The insurance companies shall provide the Authority with the approved forms of the insurance documents and their annexes according to Administrative Decision No 140 of 2019 on the Exclusion of Certain Insurance Documents from the Requirement of Being Drawn up in Arabic.
  5. The insurance companies and the insurance-related professionals shall provide all required data and statistics in accordance with the Authority-set periods.