This regulation oversees insurance contracts with recognized insurance entities. The Administration Council of insurers shall approve companies’ general outlines for insurance sales. All insurance entities shall justify the viability of their projects and their congruence with the company’s overall business strategy.
Insurers are allowed to sell numerous types of insurance, including: life, car, medical expenses, car accident and travel accident insurance. Insurance companies can only hire the marketing services of companies which have in operation for more than a year, and which are enrolled at the Commercial Registry.
Insurance companies will be directly responsible for the compliance of legal obligations, as well as any illegal activities it may knowingly or unknowingly support, such as money laundering (AML) and terrorist financing activities.