The ICC is divided into 4 main units under the management of the Head who reports to the Minister of Economy and Trade.
The Minister of Economy and Trade
The Minister of Economy and Trade oversees the work of the ICC. The insurance law provides him with the ability to issue ministerial decisions and decrees that help organize the sector. He also proposes to the cabinet draft governmental decrees, and recommended amendment to laws, based on the recommendation of the Head of the ICC.
The Head of ICC
The Head of the ICC sets the supervisory strategy and objectives and formulates plans to ensure their proper execution.
The Head of ICC issues circulars, instructions, and guidelines to insurance companies and intermediaries. He is mandated by law to proposes relevant draft laws and decrees for issuance, and to provide opinion on regulations that may impact the insurance market in the country.
The Financial Compliance Unit (FCU) supervises insurance companies from a financial perspective, with the objective of ensuring that they are financially sound and have adequate resources to meet their obligations to policyholders and shareholders at all times. The Unit also ensures that supervised entities have the proper governance structure in place.
The FCU conducts regular off-site analysis based on the prudential reporting filed by the insurance companies. It performs on-site inspections, and meets regularly with the management teams of insurance companies in order to enhance its understanding of the business and its assessment of the corresponding risks. It recommends corrective measures as relevant, and follows-up on the implementation of these measures and the analysis of their impact on the financial condition of the insurer.
The Market Conduct Unit receives and follows-up on complaints against insurance companies, supervises the insurance intermediation, and licenses or withdraws intermediaries’ licenses based on the regulations governing the sector. The Unit recommends the application of suitable corrective measures against insurance companies and intermediaries in violation of the regulations and requirements.
ICC Care is the re-branded version of the ICC platform for the management and resolution of policyholders complaints. It receives policyholders’ complaints and records them in a database that is used subsequently by the ICC for supervisory and control analyses and actions. The ICC Care team will deploy the efforts needed to understand and resolve the cases filed with them, taking into consideration a fair assessment of the policy conditions and the nature of the claim.
The Legal Unit provides legal support and input across the ICC’s regulatory and operational activities. This unit is responsible for the provision of advice on institutional, insurance and financial regulations, and the provision of support in the drafting of decisions, instructions, or other regulatory texts.
The Administrative Unit ensures that the operations of the ICC run smoothly. It manages human resources, facilities, offices, tools, procurement and other logistics as needed.
The Information Technology Unit ensures that all IT systems at ICC run smoothly. It manages all computing systems, data centers, cloud services, media services, IP telephony and CCTV.