Dr. Muhammad Omran, Chairman of the Financial Supervisory Authority, issued Resolution No. 93 of 2021, amending the Authority’s Board of Directors Resolution No. 27 of 2019, regarding the conditions for registering electronic collection companies for premiums for compulsory insurance policies on cars and rapid transit vehicles.
The first article of the decision, which was published in the Official Gazette in its issue No. 146, issued today, Wednesday, stated: “The title of the Authority’s Board of Directors Resolution No. 27 of 2019 referred to shall be replaced by the following title (conditions and controls for registering electronic collection companies for insurance policy premiums,” and the article states The second is to replace the phrase “electronic collection of premiums for all types of insurance policies” with the phrase (electronic collection of premiums for compulsory insurance policies on cars and express transport vehicles), and the phrase (insurance company / insurance brokerage company / insurance group) is replaced by the phrase “insurance company,” wherever we appear in The Authority’s Board of Directors Decision No. 27 of 2019 referred to.
The third article stipulated that item (3/d) of Article 4 of the aforementioned Board of Directors’ Decision No. 27 of 2019 shall be repealed, as well as the phrase “according to the type, capacity and load of the vehicle and according to the insurance period, and in a manner that ensures facilitating the access of all citizens to the desired service.” mentioned in Clause (8) of the same article, and the fourth article stipulates that insurance companies or insurance brokerage companies that have contracted with companies that collect premiums for their insurance policies electronically before this decision come into force, shall be given a period of 6 months from the date of its implementation to adjust their conditions to contract with One of the electronic collection companies registered with the Authority, if it so desires.
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