Lebanon – Insurance Control Commission issues penalties
Saturday, 04 29 2017, Category: Insurance and Reinsurance, Country: Lebanon
The Insurance Control Commission, which is the regulator and supervisor of the insurance sector said that “in order to implement the insurance law, its inspectors issued penalties on the parties, shops and companies that offer financial services, sell and market insurance products without obtaining a license stipulated in the law”. These penalties were issued in Mount Lebanon and Kesrouan and the area of registration of cars and mechanisms in Dekwana and Jounieh. Additionally, the commission will take appropriate actions and procedures against contravening parties.
Moreover, the Insurance Control Commission asked citizens not to complete insurance transactions except with insurance brokers who are licensed and who comply with the regulations of the commission.
Source: National News Agency