Appointment Of Statutory Supervisor In Insurance coverage Companies, Sharia Insurance Companies, Reinsurance Companies And Sharia Reinsurance

insurance lawAdams & Adams provides an intensive vary of specialist services in the subject of insurance legislation. Article 88 In the occasion that an insurance company which includes life insurance coverage in its enterprise is eradicated in response to regulation or declared bankrupt according to legislation, all life insurance contracts and reserve funds in its possession should be transferred to other insurance firms that embody life insurance coverage in their business actions; if no agreement may be reached with respect to such transfer with different insurance coverage companies, the insurance coverage supervision and control authority shall, for the purpose thereof, designate an insurance coverage company that includes life insurance in its enterprise operations to accept the transfer.

Article seventy seven An insurance coverage firm whose establishment has been approved shall be issued by the approving division a license to carry on insurance coverage business, which shall be used to affect registration with and acquire a business license from the executive department of business and commerce.

Article sixty eight The place insured events perils equivalent to demise, incapacity, or illness of the insured in insurance coverage of the person consequence from acts of a 3rd get together, the insurer shall have no right of declare towards the third get together by subrogation after payment of the insurance advantages to the insured or the beneficiary.

Article 18 If there are exclusion clauses offered by the insurer in the insurance contract, then the insurer shall make precise and clear explanations in respect thereof to the applicant when concluding the insurance contract, in any other case such clauses shall haven’t any effect.