Article (50)
FED LAW 6/2007 Effective from 15/2/2007The Board on basis of the director general's presentation may cease the company to carry out certain type or types of the insurances of its practice for a period not exceeding a year and shall notify the company and the pertinent body given the cessation decision in any of the following cases:
- Should the company is in violation of the provisions of the law herein and the regulations, rules and directives issued pursuant thereto.
- Should the company became devoid of any of the terms needed for the registration according to the provisions of the law herein.
- Should the company did not carry out its operations in any of the insurance types listed with those ones requiring registration or ceased operating in such a type to carry out for period of one year.
- Should the company failed to fulfill its accrued financial obligations.
- Should the company refrained to execute a final judicial verdict related to an insurance contract.