Sudan – Parliament approves insurance law
Tuesday, 01 09 2018, Category: Insurance and Reinsurance, Country: Sudan
The National Assembly approved the insurance supervisory and regulatory law of year 2017 in its third submittal indicating that some amendments were introduced in the draft law. Therefore, some articles were removed whereas other ones were added. The law now tackles health insurance, health care providers and third party administrators.
The article (83) on the liquidation of insurance companies extended the liquidation period to 3 years instead of 2 years arguing that it takes longer than 2 years to liquidate an insurance company. The new law also allows foreign insurance companies to operate in Sudan in all lines of business provided they enter into a partnership with national companies that should have at least 30% ownership and that companies follow sharia-control procedures.