Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (35) Cessation of Operations of an Outside Branch

IA-BOD-RES 2/2009 Effective from 31/1/2010
  1. The insurance company established in the State intending to cease operations of its branch outside the State or change its place shall advise the Director General of the consent of the branch's homeland to cease operations of the branch or to shift it from a place to another according to the legislations of that country in this respect, if any.
     
  2. Taking the legislations of the country of the branch into consideration, all the branch's rights and commitments following cessation of its operations shall be transferred to an insurance company established in the State.