Book traversal links for Article (5)
Article (5)
IA-BOD-RES 27/2020 Effective from 18/11/2020First: The application for license and registration in the Register for a Natural Person shall be submitted in accordance with the electronic systems prepared for this purpose at the Authority or other means adopted by the authority, including the required data along with the following supporting documents:
- Name, nationality, address and place of residence of the applicant;
- Copy of EID or passport including a valid residence visa;
- Name of the Insurance Company for which he will work and the type and classes of insurance related to the intended insurance production practice;
- A certificate of good conduct issued by the Competent Authorities;
- A copy of the Equivalency of educational qualifications issued by the Competent Authorities in the State;
- A copy of certificate of the training course attended;
- A letter from an insurance company including the Company's approval to authorise the Applicant as its Insurance Producer in case he completed the procedures to obtain the license from the Authority;
- Declaration of compliance with all laws, bylaws, regulations, instructions and decisions issued by the Authority;
- An undertaking to fulfil all the requirements to obtain the license upon the approval of the application during the period stipulated in paragraph (1) of article (6) and not to commence the activity before the Authority verifies the fulfilment of all the license conditions, and issue its approval in this respect;
- Any other documents required by the Authority.
Second: The application for licensing and registration for a corporate person in the Insurance Authority's Register shall be submitted according to electronic systems or other adopted means, including the following data and supporting documents:
- A certified copy of the Articles of Association and the Memorandum of Incorporation.
- A certified copy of the legal person's license.
- A no objection letter from the authority which granted the license.
- Any documents, data or other papers required by the Authority.