CMA approval must to market insurance products

The executive chairman of the Capital Market Authority has issued a decree No. (69) 2017 on regulations of insurance products marketing . As per the details, the insurance companies and their subsidiaries have the right to exercise insurance policies in accordance with the provisions of the Insurance Companies Law and the Takaful Insurance Law:

Article A – A set of tangible and intangible benefits and related services contained in the insurance policy.

Article 2 – The company may not market any product to be insured unless there is a written approval obtained from the Authority.

The provisions of this Article shall apply to the approval of the marketing of the insurance product, subject to receiving of following documents specifying the product.