Sudan – Issuance of a new law on insurance regulation
Friday, 07 01 2016, Category: Insurance and Reinsurance, Country: Sudan
At its regular meeting today, the Council of Ministers under the chairmanship of his excellency Gen. Bakri Hassan Saleh, the First Vice-President of the Republic, approved a draft law on insurance oversight for the year 2016 which was presented by Dr. Abdarahman Dirar, the Minister of State for the Ministry of Finance.
Dr. Omar Mahammad Saleh, the official spokesperson for the Council of Ministers, explained that the draft of the new law eliminates the 2001 insurance oversight law. He indicated that the law has set the goals pertinent to the provision of the appropriate environment for the development of insurance activities, the protection of the economy, the strengthening of the insurance industry, the protection of people and property, as well as the establishment of a legitimate oversight body and granting it autonomy.
Source: Al-Nilein website