27 MAY 2018
Visit to Washington DC

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.

During the visit to Worldbank officials, the two main projects on which the Bank’s experts provided technical assistance to the ICC were discussed in length and finalized, pending the official provision of the related reports and recommendations. These projects pertain respectively to the risk-based-capital model and the framework for the motor third party liability business in Lebanon. On the other hand, the workshop with the Insurance Commissioner of the District of Columbia focused on the importance of regular supervisory cooperation in addition to the technical exchange and experience sharing.

Mrs. Nadine El Habbal indicated that this visit was of high importance in two aspects: (1) the completion of the Worldbank projects is a major achievement that rewards the earnest efforts deployed by the ICC in the previous months jointly with the experts of the Bank, and pave the way for tangible recommendations what will prove beneficial to the sound development of the insurance sector; (2) on the other hand, establishing bilateral contacts with regulators is fundamental in creating potential opportunities for a sound development of the insurance sector, as well as the sharing of relevant experience and information.

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13 MAY 2018
Visit to the Insurance Authority of the UAE

The Insurance Control Commission organized a visit-workshop to the Insurance Authority of the UAE on 8 May 2018. The meeting involved strategic supervisory topics related to the challenges of implementing risk-based-capital models, and covered a number of technical subjects that represent priorities to both regulators. Mrs. Nadine El Habbal stated that this visit was historical as it represents the initial formal exchange platform between the insurance regulators of the two countries; the bilateral discussions are a fundamental supervisory pillar that allows better transparency and sharing of information in addition to the mutual sharing of experience. Mr. Ebrahim Al-Zeabi, Head of the Insurance Authority of the UAE, presented the strategy of the Insurance Authority and its strive for excellence along a number of targets that the government has established for the regulatory and other public-service entities.

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12 APR 2018
ICC Fourth Quarter Report of 2017

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. These forms were analysed for consistency purposes; however, they were not validated against audited financial statements. Therefore, the information published in this context may differ from the 2017 annual report which will be published later on in 2018. Nevertheless, the quarterly report provides initial directional perspectives on the developments in the insurance market in 2017.

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8 MAR 2018
Visit to ACPR France

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 workshop covered considerations pertaining to the guaranteed renewability of medical insurance contracts for individuals and groups, and the risk-based capital model to be utilized in the assessment of the solvency position of insurance companies. It involved discussions between the experts from both sides, leading to the preparation of comprehensive comparisons between the actions envisaged by the ICC, and the similar regulations implemented in France and more generally in Europe. It provided the ICC with international horizons that enriched its activity and planned actions. This is all the more important since the regulatory actions considered will thoroughly impact the fundamentals of the insurance industry in Lebanon; they also aim to reinforce the awareness of the policyholders and the protection of their rights.

The workshop was organized as part of the continuous cooperation between the two regulatory authorities. This cooperation was launched in May 2016 following the ratification of the permanent technical cooperation agreement; this was followed by a number of meetings and workshops that covered essential insurance topics such as the motor third party liability insurance, the coverage of earthquake risks, and the approaches to the financial condition evaluation of insurance companies.

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