The Lebanese cabinet has appointed a new chairman for the insurance sector regulatory body, a post that had been vacant for more than 10 years.
Minister of Economy and Trade, Dr Amer Bisat, announced last week in a statement the appointment of Mr Nadim Haddad as chairman of the Insurance Control Commission (ICC). The minister said, "This appointment represents a pivotal step in the reform process of the insurance sector in Lebanon, as it aims to establish transparency, enhance confidence in this vital sector, and ensure sound performance in a manner that serves the national economy."
Separately, Messrs Yahya Tabboula and Jad Jaber were appointed as observer members. This is the first time ICC observer members have been appointed since 2008, the statement added.
In addition, Dr Bisat announced the reconstitution of the National Insurance Council (NIC), which had been disbanded for more than five years. This is also a new reform initiative aimed at revitalising the work of institutions and putting the insurance sector on the right track.
Dr Bisat affirmed his commitment to activating the role of regulatory bodies to keep up with economic and social developments, ensuring the protection of the rights of insured persons, and enhancing the performance of insurance companies in Lebanon.
He expressed his full confidence in the ability of the new ICC and the NIC to shoulder fully their responsibilities, affirming his continued commitment to supporting all initiatives aimed at developing the insurance system, and calling on all partners in the sector to cooperate constructively for the good of the nation and its citizens.