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 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 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: