The Syrian Insurance Supervisory Commission (SISC) has announced the requirements for registering foreign insurance intermediaries wishing to conduct business in Syria.
According to a statement posted on the SISC’s Facebook account, the requirements include:
-
Company data: Furnishing the company's name, nationality, address, and legal form.
-
Financial compliance: Submitting a document proving that the company's capital is not less than $1m.
-
Regulatory licence: Submitting a licence from the country of origin, authenticated by the authority overseeing its insurance activities, in addition to the necessary documentation for foreign branches wishing to register in Syria.
-
Management data: Submitting information about the founders and members of the board of directors and the general manager or executive, including names, nationalities, insurance experience.
-
Work areas: Clarifying the branches of insurance that the insurance intermediary wishes to conduct its activities in.
-
Official representative: Submitting information about the person representing the company from the parent company to follow up on registration procedures in Syria.
-
Insurance coverage: Submitting an insurance policy for professional liability for an amount not less than $1m.
SISC has also been studying (re)insurance contracts. In September, the regulator held an extensive meeting with the heads of insurance companies and technical directors, in addition to representatives of the Arab Union Reinsurance Company, to discuss the state of (re)insurance agreements and ways to develop them.
The regulator emphasised the importance of enhancing coordination between the Authority and companies to contribute to supporting market stability and improving risk management efficiency, given the pivotal role that contracts play in enhancing technical and financial flexibility for (re)insurance companies and enabling them to absorb major and specialised risks.
Reinsurance has been increasing in importance in Syria due to economic changes and the country’s insurance industry’s increasing openness to regional and international markets.
The meeting discussed current (re)insurance policies, ways to develop technical and contractual terms in them, and mechanisms to expand the base of the insured and insurance companies, in addition to presenting the efforts made by the Authority by communicating with insurance agents and reinsurance brokers to support the Syrian market and expand the available options for companies.
Meeting participants emphasised the importance of developing insurance programmes and agreements and enhancing cooperation with insurance intermediaries with the appropriate classifications, to support the stability of the Syrian insurance market and increase the ability of companies to absorb various risks.