Lebanon – Deal of Insurance Commission and Capital Markets Authority
Wednesday, 06 14 2017, Category: Insurance and Reinsurance, Country: Lebanon
The Minister of Economy and Trade Mr. Raed Khoury and the chairman of the Capital Markets Authority and governor of Banque du Liban Mr. Riad Salame signed a memorandum of understanding between the Insurance Control Commission and the Capital Markets Authority in order to regulate financial products sold as insurance products. The Agreement was signed in the presence of Mrs. Nadine El Habbal, Acting Head at Insurance Control Commission - Insurance Control and the members of the board of the Capital Markets Authority. The event was also attended by managers and executives and the president of the Lebanese Insurance Association (ACAL) and the president of the Lebanese Insurance Brokers Syndicate.
Mr. Khoury said that the “agreement is a step in the right direction and represents the first cooperation between two independent regulators in Lebanon” hoping that “Lebanon will witness more cooperation agreements among its regulators”.
Moreover, Mr. Khoury said “large efforts were spent in order to reach an agreement because the technical issues are very complicated in the regulatory work on insurance companies and brokers. The regulation of financial products is also very important in order to protect the investments of policyholders”. He also indicated that the Insurance Control Commission is working on many projects that will help increase the contribution of insurance to the Gross Domestic Product as has been the case in developed economies.
Source: Al Mustaqbal Newspaper