Sudan: Lawmakers pass new Insurance Control Act
Source: Middle East Insurance Review | Jun 2017
The Sudanese Parliament has approved the Insurance Control Act of 2016, that among other provisions, allows foreign insurance companies to obtain a licence to operate in the country.
The new law also provides for the establishment of legal oversight bodies and gives them full independence in taking over the forensic control of insurance business. It introduces sanctions and penalties in case of violations of licensing requirements, reported APA News (Agence Africaine de Presse).
Finance Minister Badruddin Mahmoud said that the new law adheres to the principles of Islamic law.
Despite the new law being passed, several lawmakers warned against the entry of foreign companies, arguing that they could cause the collapse or withdrawal of the existing 14 insurance companies in the country.
Foreign insurers have been suspended from the country since 1992. M