WELCOME TO THE
INSURANCE CONTROL COMMISSION (ICC)

The Insurance Control Commission has published its periodical monitoring report related to the Beirut Aug 04 blast, noting that the official report that specifies the cause of the blast and assigns responsibilities has not yet been released.

The Insurance Control Commission has published the list of insurance companies providing coverage for the treatment of the new corona-virus COVID-19 for all or part of their insured members.

The Insurance Control Commission has published the insurance sector annual report for the financial year 2018. The report presents a large number of financial and technical statistics, indicators, and analytics, which the ICC makes available to a large number of stakeholders, including experts, financial analysts, shareholders, and policyholders.

The Insurance Control Commission organized the first internal workshop on IFRS 17, to which local and international experts were conveyed. In the introductory presentation, the Acting Head of the ICC, Mrs. Nadine El Habbal, confirmed that the Commission intends to stage a frontline involvement in the implementation process of the new reporting standard. Mrs. El Habbal confirmed throughout the day that the ICC will propose a largely prescriptive approach with minimum requirements, and issue clear implementation guidelines to help clarify the way forward.

The Insurance Control Commission stated this morning that it is analyzing the possible implications of OFAC’s sanctions on Trust Insurance S.A.L., Trust Life Insurance Company S.A.L. and Trust Insurance Services S.A.L. as labelled in the related official statement. The Acting Head of the ICC, Mrs. Nadine El-Habbal confirmed that all the necessary measures will be undertaken as needed to ensure that the obligations to policyholders will continue to be settled fairly and in a timely manner.

The Insurance Control Commission has published its quarterly report on the insurance market for the second quarter of 2019. The report includes a number of dashboards extracted from the analysis of the quarterly regulatory forms filed by the insurance companies.

The Insurance Control Commission suspended the insurance license granted to Liberty Insurance SAL. The decision was driven by sustained material breaches of the insurance regulations in Lebanon. Until further notice, the Company is not allowed to issue or renew any policy contract. Nevertheless, it will continue to service the in-force portfolio and settle its obligations to policyholders.

The BOD of the ACAL met with the Insurance Control Commission in the first visit to the regulator following its election. The Acting Head of the ICC, Mrs. Nadine El Habbal, renewed its wishes for a successful mandate, and stated that the consultation process with the sector, represented by the BOD of the ACAL, will continue to bear positive fruits for all stakeholders, namely the insured persons. The discussions covered a broad range of topics and challenges of relevance to the present economic context as presented by ACAL’s president, Mr. Elie Torbey, turning the meeting into a thorough round-table discussion.

The Insurance Control Commission (ICC) has approved a number of transactions and appointments. These approvals were subject to standard regulatory and governance conditions, as implied by the prevailing regulations and by the Insurance Core Principles (ICPs) emanating from the International Association of Insurance Supervisors (IAIS).

The Insurance Control Commission has published its quarterly report on the insurance market for the first quarter of 2019. The report includes a number of dashboards extracted from the analysis of the quarterly regulatory forms filed by the insurance companies.

The Acting Head of the Insurance Control Commission Nadine El Habbal received a delegation of key executives from GenRe, which included Dr. Winfried Heinen, Chairman of the Board of Executive Directors of Gen Re, Dr. Alfredo Fetter Nathansky, Head of MENA, Mediterranean and Latin America, together with the regional director Mazen Abou Chacra.

The Acting Head of the Insurance Control Commission, Nadine El Habbal, received today Thomas Buberl the CEO of the AXA Group. The meeting was also attended by Wilm Langenbach, the Strategic Development Officer (SDO) for Europe, Middle East and Africa (EMEA), and Roger and Elie Nasnas, who hold respectively the positions of Chairman and CEO of AXA Middle-East.

HE Mansour Bteish followed up on the work of the ICC Care team at the Insurance Control Commission and commended the dedication of the team and importance of the work being performed, the aim of which is to protect the interests of the policyholders.

The broader Motor Compulsory project back on track during the first meeting of the National Committee of Road Safety, which was chaired by HE Raya El Hassan on 20 March 2019.

The Insurance Control Commission organized an introductory lunch for the Minister of Economy and Trade, HE Mr. Mansour Bteich with the insurance sector. At this occasion, HE spoke about the role of the insurance sector as a major pillar in the financial services industry.

The Insurance Control Commission has published the updated list of companies and medical insurance products that have passed the compliance checks conducted by the Commission to ensure strict compliance with decision N˚ 186/ICC.

In compliance with Ministerial Decision 27/ICC issued on 25 January 2019, the Insurance Control Commission has posted the latest edition of the Insurance Core Principles (ICP) published in November 2018.

HE Mr. Mansour Bteich highlighted the “importance of the major role of the Insurance sector, on which he places strong expectations as a partner in driving the national economy”. The statement of HE came during his meeting with the Acting Head of the Insurance Control Commission Mrs. Nadine El Habbal, where topics related to the development of the sector were discussed.

The Insurance Control Commission has published the preliminary list of companies and medical insurance products that have passed the compliance checks conducted by the Commission to ensure strict compliance with decision N˚ 186/ICC.

The Insurance Control Commission has published its quarterly report on the insurance market for the fourth quarter of 2018. The report includes a number of dashboards extracted from the analysis of the quarterly regulatory forms filed by the insurance companies.

The Insurance Control Commission (ICC) issued circular 3517/ICC/2018 which requires insurance companies and TPA’s to publish, on a spot clearly visible to the public, a poster relating information about ICC Care.

The Insurance Control Commission has published its quarterly report on the insurance market for the third quarter of 2018. The report includes a number of dashboards extracted from the analysis of the quarterly regulatory forms filed by the insurance companies.

The current situation in Lebanon and the challenges raised by the fragmentation of the healthcare system at the level of the providers and insurance organizations, in addition to the main options aiming to improve the present situation with further reliance on the capabilities of the insurance sector in the context of a strong public-private-partnership scheme, were extensively covered in the most recent round of continued consultation with the “Autorité de Contrôle Prudentiel et de Résolution (ACPR)”.

The ICC received on 16 November 2018 a delegation from the Board of Directors of the Lebanese Insurance Brokers Syndicate (LIBS) presided by Mr. Elie Hanna.

The Insurance Control Commission has published its quarterly reports on the insurance market for the first and second quarter of 2018. The reports include a number of dashboards extracted from the analysis of the quarterly regulatory forms filed by the insurance companies.

Modern insurance regulations are only valuable when implemented, says HE Pierre Gramegna the Minister of Finance of Luxembourg during the recent IAIS annual meeting. HE addressed the challenges that can face the regulators in their endeavors, and emphasized the growing importance of sound governance, transparent prudential reporting, and market conduct; such considerations are relevant for all financial services institutions in an increasingly complex risk environment.

As part of its longstanding cooperation with international reinsurance firms on strategic and technical topics, the Insurance Control Commission received a delegation from SCOR who was visiting the insurance markets in Lebanon and the region.

The Insurance Control Commission (ICC) completed a number of on-site inspection visits to insurance companies in order to form a view on the level of compliance of the sector with the stipulations of Decree 186/ICC issued on 17 April 2018. As a result of these visits, the ICC decided to revoke the list of approved companies and products; This list will be updated continuously based on the outcome of the on-site visits.

The Insurance Control Commission (ICC) announced today that Lloyd’s underwriters are permitted to appoint coverholders in Lebanon to write reinsurance business. Intermediaries in Lebanon licensed by the ICC, wishing to be a Lloyd’s reinsurance coverholder, are required to go through the Lloyd’s coverholder approval process.

The Acting Head of the Insurance Control Commission, Mrs. Nadine El-Habbal, attended the annual meeting of the Arab Forum of Insurance Regulatory Commissions (AFIRC), during which the participants agreed to move the Forum into an Association, hence strengthening and formalizing the collegial cooperation among regulators.

Mrs. Nadine El Habbal, Acting Head of the ICC, discussed the medical insurance in Lebanon with a number of stakeholders.

The Insurance Control Commission published on September 24, 2018 the updated list of companies and medical insurance products that have been reviewed and obtained the pre-approval of the ICC on their general conditions, in compliance with decision N˚ 186/ICC.

View List

The Insurance Control Commission published on August 31, 2018 the updated list of companies and medical insurance products that have been reviewed and obtained the pre-approval of the ICC on their general conditions, in compliance with decision N˚ 186/ICC.

View List

The Insurance Control Commission (ICC) published the insurance sector annual report for the financial year 2017. The report was issued significantly ahead of the usual time upon requests formulated by a number of stakeholders to allow earlier analysis of trends and performance.

The Insurance Control Commission published on August 10, 2018 the updated list of companies and medical insurance products that have been reviewed and obtained the pre-approval of the ICC on their general conditions, in compliance with decision N˚ 186/ICC.

View List

The Insurance Control Commission organized a visit-workshop to Washington DC where meetings were respectively held with officials from the Worldbank, and the Insurance Commissioner of the District of Columbia.

The Insurance Control Commission organized a visit-workshop to the Insurance Authority of the UAE on 8 May 2018.

The Insurance Control Commission organized a press conference that was chaired by HE Raed Khoury Minister of Economy and Trade, to announce the issuance of a new ministerial decision enforcing the guaranteed renewability of all medical insurance contracts issued by insurance companies. The decision applies to new and in-force policies and should be implemented within one month from the date of issuance of the decision.

The Insurance Control Commission is happy to publish the first version of its quarterly report on the insurance market for the fourth quarter of 2017. The report includes a number of dashboards extracted from the analysis of the quarterly regulatory forms filed by the insurance companies.

In the context of preparing for a number of projects as part of its action plan for 2018, the Insurance Control Commission (ICC) organized a technical workshop with the Autorité de Contrôle Prudentiel et de Résolution (ACPR), which in charge of supervising the insurance industry in France.

The Insurance Control Commission has launched its new website.

In respect of Notification 921 issued on 26/12/2017 by the Central Bank and related to the selling and commercialization of insurance products by banks and financial institutions, the Insurance Control Commission underlines the following:

The Insurance Control Commission published the annual report for the insurance sector for the financial year 2016. The report exhibits a large number of financial and technical statistics, indicators, and analytics, which the ICC makes available to a large number of stakeholders, including experts, financial analysts, shareholders, and policyholders.

The Insurance Control Commission (ICC) and the Capital Market Authority (CMA) signed today a memorandum of understanding (MOU) to strengthen the mutual cooperation between them and organise the supervisory work related to the financial instruments included in insurance contracts.

The ICC concluded a cooperation agreement with the Autorité de Contrôle Prudentiel et de Résolution (ACPR), where the strategic objectives were set in line with the present context of the Lebanese insurance market. The agreement is unlimited in time; it paves the way for an advanced level of cooperation including the exchange of financial and technical information on the supervised entities. The agreement was concluded following a number of exchanges with the market conduct and international affairs departments of the ACPR.