Lebanon - Banks an essential partner of insurers
Friday, 01 12 2018, Category: Insurance and Reinsurance, Country: Lebanon
The Insurance Control Commission issued the following statement:
Concerning the circular No 921 issued on 26/12/2017 by “Banque du Liban” (the central bank of Lebanon) on the sales and marketing of insurance contracts by banks and financial enterprises, the Insurance Control Commission confirmed the following:
1- The Insurance companies owned fully or partially by banks are the essential partners of the insurance sector given their strong governance, financial strength and their high value of services.
2- The commission will communicate and collaborate with the “Banque du Liban” and all regulatory parties in order to implement the laws and regulations that protect the public and vitalize the national economy.
3- The commission in collaboration with the central bank will set the practical framework along with the production, marketing and services rules regarding the transactions between insurance companies and banks while meeting the enforced regulations and protecting customers (policyholders) in order to obtain the best services at the best conditions.
Source: Al Mustaqbal